Did you know that if you are 70½ or older, there is a special provision that allows you to make charitable gifts directly from your Individual Retirement Accounts (IRAs)? These are called “Qualified Charitable Distributions” and individuals can make these gifts up to a total of $100,000 a year.
Amounts given this way are free from federal income tax even if you don’t normally itemize your tax deductions. The funds directed to charitable purposes also count toward your minimum distribution amount and do not increase your reportable income in ways that could result in other taxes being due.
Check with your IRA administrator or accountant for more information!