By establishing a planned gift at the Martin House Restoration Corporation, you support our mission and help ensure that future generations will experience our architectural treasure. The Martin House’s program offers a variety of ways for you to leave a lasting legacy, while providing important tax and income benefits to you and your heirs. Planned gifts may include:
Did you know that Qualified Charitable Distributions (QCDs) from IRAs are still available in 2020 and provide tax savings?
Even though the CARES Act included a provision that waives required minimum distributions (RMDs) for 2020 from retirement accounts, QCDs allow IRA owners who are age 70 1/2 or older to directly transfer up to $100,000 annually from an IRA to charity, tax-free.
Since a QCD is paid directly from the IRA to charity, the owner never receives the funds and, thus, does not need to include them in the taxpayer’s adjusted gross income for the year.
Starting with lower adjusted gross income means that any subsequent deductions will have a proportionally larger reduction on taxable income and will result in greater tax savings. Tax reform in 2018 increased the standard deduction which means that this strategy is more valuable than ever.
To authorize an IRA distribution, contact the financial institution holding your IRA assets.
The Martin House Restoration Corporation is pleased to work with your financial and legal advisors to devise a plan that best meets your goals. Our federal tax ID # is 16-1426693.
For more information, please contact our Executive Director at 716-856-3858.