If you or someone you know has to take a required minimum distribution this year from your individual retirement account (IRA), and would like to make a donation to the Wisconsin Waterfowl Association, you should be aware of the following:
You can make a Qualified Charitable Donation by moving money from your IRA directly to a charitable organization, 501(c)(3). The provision states that individuals can make tax-free distributions from individual retirement accounts, (IRA’s) to public charities, by individuals age 72 or older, up to a maximum of $100,000 per taxpayer per year.
For more information on this topic, please contact WWA Executive Director Bruce Ross at 262-224-4949 or bruceross@wi.rr.com. Prior to making any decision on gifting directly from your IRA to WWA you should contact your accountant to see how this decision fits into your personal tax planning.