Dear Connecticut River Conservancy supporter,
I am delighted that you want to learn more about using your IRA to help advance the Conservancy’s efforts and make a nice little splash before the end of this calendar/tax year.
If you’re over 70, now is an especially good time to think about how to put your IRA to work for a cause you cherish. Under current law, when one turns 72 you are required by law to take some money out of your IRA (increasing your adjusted gross income) and, when you do, pay income taxes on that required minimum distribution (RMD).
However, Congress has – at least through 2022 – authorized IRA holders to send distributions directly to charity. While this charitable gift is not tax-deductible, it does satisfy the RMD and it does not trigger income tax. Even if you don’t itemize, you can take advantage of this option. Of course, CRC always appreciates your generous support.