Everyone perks up at the words “tax free“! Owners of traditional IRAs can take advantage of tax-exempt contributions to Senior Village directly from their retirement accounts. This is known as a qualified charitable distribution (QCD). The federal tax code allows distributions with sizable limits to be donated to 501 c-3’s like Senior Village and be exempt from otherwise taxable income.
In order to qualify, distributions must be made directly to Senior Village from the owner’s IRA. Owners initiate the process by issuing a directive to their IRA provider/administrator. Payment is processed directly to Senior Village and does not pass through the owner.
To qualify, owners must be at least age 70½. QCD distributions are generally limited to $100,000 per year and can satisfy required minimum distribution (RMD). Roth IRA’s have other requirements. The Village’s tax ID is 47-5552021. Further information regarding QCDs can be found at irs.gov.
IRA owners should contact their tax advisors for further information and guidance. QCD’s can be sent to: Senior Village at SaddleBrooke, PO Box 8584, Tucson AZ 85738. To become a Village member or volunteer, call us at (520) 314-1042 for further information.