News & Events

Plan to Make an IRA Charitable Contribution This Year

Author: Jefferson Land Trust | 10/30/23

Graphic of hand holding a heartHelp protect the landscapes you love while taking advantage of significant tax benefits! One way to support Jefferson Land Trust’s mission is through a Qualified Charitable Distribution from your IRA.

People who hold Individual Retirement Accounts (IRAs) are required to take Required Minimum Distribution (RMDs) each year beginning at age 73 — even if they don’t need or want the funds. That same required minimum distribution increases the IRA holder’s total taxable income and this income increase could potentially push you into a higher income tax bracket. Failure to take your RMD by year-end could result in a stiff IRS penalty — 50% of the amount you should have withdrawn.

But there’s good news! A Qualified Charitable Distribution made payable directly from your IRA to Jefferson Land Trust — a 501(c)(3) nonprofit — can be counted toward satisfying your RMD for the year and can be excluded from your taxable income. While you’re required to take this at age 73, you’re able to start taking RMDs as early as 70½.

Learn more about how to make a Qualified Charitable Distribution on our website here, or contact Development Manager Sarah Zablocki-Axling at 360.379.9501 ext 108. Thank you!