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Use Your RMD to Give Back to FOA

In past years we have seen an increase in FOA members and donors using qualified charitable distributions from their IRA to support the mission of Friends of Acadia. If you are 72 years old* and have a traditional IRA, you usually are required to take a minimum distribution from your retirement fund. But as a part of the CARES Act of 2020, you are not required to take the distribution this year. However, giving this distribution directly to a charity may be a tax-smart way for you to make charitable gifts to Friends of Acadia and your other favorite nonprofits. As always, FOA encourages donors to contact their financial advisor or retirement plan custodian for more details.

* the age recently changed to 72; the age is 70 ½ if you reached 70 ½ before January 1, 2020

https://www.irs.gov/newsroom/irs-seniors-retirees-not-required-to-take-distributions-from-retirement-accounts-this-year-under-new-law

 

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