IRA Charitable Rollover Gifts

If you’re 70-½  or older, and looking for an effective way to support hunger relief in the Blue Ridge region while reducing your tax burden, you might consider using a Qualified Charitable Distribution (QCD) to make a gift directly from your Individual Retirement Account (IRA).

Simply put, a QCD is a direct transfer of funds from your IRA to a qualified charity operating with a 501(c)(3) tax exempt status, like the Blue Ridge Area Food Bank.

A QCD can be made from either traditional IRAs or Roth IRAs. Donors can make gifts totaling up to $100,000 in a single year.

QCDs count toward your Required Minimum Distribution (RMD), which goes into effect once you reach your 72^nd birthday, without counting as taxable income. Your RMD is the amount you must withdraw from your IRA by the RMD deadline to avoid facing a 50% tax penalty. The RMD deadline is typically December 31^st each year.

Making a QCD is easier than you might think! Let your plan administrator know to direct your QCD to:

Blue Ridge Area Food Bank
PO Box 937
Verona, VA 24482
Tax ID# 52-1202644

Visit https://www.irs.gov/publications, Publication 590-B, for a more complete description of IRS regulations associated with this type of donation.

And to learn more about how an IRA Charitable Rollover gift can help you support the work of the Blue Ridge Area Food Bank, call or email Karen Ratzlaff, Chief Philanthropy Officer, at 540.213.8404 or kratzlaff@brafb.org.

*Every financial situation is different, so we strongly recommend that you seek advice from a financial advisor or tax professional about the implications of your gift.