Looking for a Tax-smart Giving Strategy in 2022?

Apr 18, 2022

Raccoon in a tree

If you have an individual retirement account (IRA) and are more than 72 years old, you probably know that you must take your required minimum distribution each year. But, did you know that you can gain a tax benefit and decrease your overall taxable income by making a qualified charitable distribution (QCD) to benefit Tennessee’s lands, waters, and wildlife?

By transferring a portion of your IRA funds directly to Tennessee Wildlife Federation, you save money on taxes and support conservation across our state. Anyone 70.5 years of age or older can give up to $100,000 as a tax-free gift from their traditional IRA account.

Benefits of donating to Tennessee Wildlife Federation with an IRA rollover gift include:
  • Enjoy a double tax benefit! You paid into your IRA with pre-tax dollars, and now you can distribute those dollars directly to our nonprofit without paying taxes on them this time either!
  • The amount you transfer does not count as income for the year, helping to keep you in a lower tax bracket for 2022.
To qualify:
  • You must be 70.5 years old when you make the transfer to Tennessee Wildlife Federation.
  • The transfer must be directly from your IRA to Tennessee Wildlife Federation.
  • This information only applies to IRAs; these contributions can be made from Roth IRAs, but tax benefits differ. Donors cannot make QCDs from 401(k)s.

To learn more about IRA rollover contributions, visit tnwf.org/non-cash-gifts. And speak directly with your IRA custodian at your financial institution.

Featured photo by Lindy Stem

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