Making a 2022 Qualified Charitable Distribution (QCD) to a Charity
Possible Tax Savings with your IRA Required Minimum Distribution (RMD):
Making a 2022 Qualified Charitable
Distribution (QCD) to a Charity
Since RMDs are taxable, withdrawing all or a portion of an RMD as cash may increase taxes and could lead to any of the following circumstances:
- Pushing an individual into a higher tax bracket.
- Triggering a Medicare surtax.
- Taxing Social Security.
- Increasing Medicare Part B and D premiums.
Do you know, donating all or part of your RMD directly to a qualified charity, like the GBU Foundation, can have huge tax savings and can help avoid these tax increases? This Qualified Charitable Distribution (QCD) is excluded from your taxable income—up to $100,000 for an individual and $200,000 for a couple if both are eligible.
It is important that your retirement plan administrator transfer the contribution directly to GBU Foundation or other qualified charities. Your tax benefits will be lost if the distribution check is made out in your name and then later donated to a qualified charity. Your QCD must go outright to public charities, and not to supporting organizations, donor-advised funds, charitable trusts or gift annuities.
The deadline for making a 2022 QCD using 2022 RMD funds is December 31, 2022.
If you make a QCD in 2022, you should report it on your 1040 income tax form for 2022 with the full QCD amount on the line for IRA distributions.
For more information about giving through the IRA Charitable Rollover/Qualified Charitable Distribution (QCD), Donor-Advised Funds or Bequests, please consult your tax or legal advisor.
Legal Name: GBU Foundation
Tax ID: 25-6076646
Address: 4254 Saw Mill Run Blvd, Pittsburgh, PA 15227
Contact Charitable Giving and PR Specialist Ken Elliott at 412-336-3246 or kenneth.elliott@gbu.org about other giving options including charitable gift annuities, charitable trusts, donor-advised funds and bequests to benefit GBU Foundation.
You may make your 2022 gift to the GBU Foundation by making your check payable to GBU Foundation, 4254 Saw Mill Run Blvd, Pittsburgh, PA 15227 or donate online at gbucares.org. You may also give in honor or memory of a loved one, and all gifts are listed in The Reporter magazine.
