Retirement Plan Gifts
Consider a Qualified Charitable Distribution to APsaA.
Are you 70 and a half (or better)? Think about making a charitable gift directly from your IRA to American Psychoanalytic Association, an eligible 501(c)(3) charitable organization. You will be helping the future of psychoanalysis and you may also get significant tax benefits.
Once you reach the age of 72, you must take a required minimum distribution (RMD) and pay income tax on it. This extra income may affect your adjusted gross income (AGI) and put you in a higher tax-bracket, too. Many charitable-minded people have their RMD go directly to a nonprofit like APsaA.
How to make a Qualified Charitable Distribution from your IRA
Once you are 70 and a half, you can make a Qualified Charitable Distribution directly to the eligible charity from a traditional IRA, inherited IRA, and other types of Individual Retirement Accounts.
Ask your IRA custodian to send a check directly to APsaA or if you have an IRA checkbook, you can send the check directly to APsaA.
It is very important the check clears before December 31st for the QCD to count toward your minimum annual IRA distribution.
An individual donor can contribute up to $100,000 per year in QCDs, as long as they are 70½ or older. For married couples, each spouse can make QCDs up to the $100,000 limit for a total of $200,000.
State tax rules on QCDs vary, so donors using charitable distributions should consult a tax advisor to understand the impact on state tax liabilities.
For questions about making a gift to the APsaA, contact Tom Newman at (212) 752-0450 or tnewman@apsa.org
Thank you for your charitable gift to APsaA, a 501(c)(3) nonprofit organization. Contributions are tax deductible to the fullest extent of the law. Information on this site is for educational purposes only and not to be considered legal advice. Please consult your professional advisors when making decisions.
