If you are 70½ or older, you can make cash gifts totaling up to $100,000 from your IRA to the Institute for Bible Reading without incurring federal income tax on the withdrawal. If you do not have an immediate need for the required mandatory distributions (RMDs) from your IRA, you can gift them to support our mission.
This is good news for people who want to make a charitable gift during their lifetime from retirement assets but have been discouraged from doing so because of the income tax penalty. This is called a Qualified Charitable Distribution (QCD). The QCD applies to traditional, rollover, and Roth IRAs. SEP and Simple IRAs also qualify (as long as you no longer actively receive employer contributions). Employer-sponsored plans do not allow for QCDs. Contact our Executive Director, Scott Bolinder, for instructions on how to give from your IRA.