Special Tax Savings Opportunities for Many Retirees Who Give to the West Chester Food Cupboard
Do You Qualify?
- Are you at least age 70½?
- Do you own an IRA and take a Required Minimum Distribution (RMD) each year?
- If so, your contribution can be “tax-deductible,” even if you do not itemize.
How Is That Deductible?
- IRA distributions that you direct to the Cupboard do not count as taxable income, even though they count towards your RMD.
What Are the Benefits to the Cupboard?
- The Cupboard receives the full amount of your intended gift, not reduced by taxes.
- The funds can be received early in the year, if you wish. You can contribute a lump sum or periodic payments.
What Is the Procedure?
- Contact your IRA provider and request a “Charitable Distribution” check be made payable to “West Chester Food Cupboard”.
- This distribution will count toward your RMD but will not count as taxable income for you.
- Note that different IRA providers have different procedures. Some mail the check to you, and you must deliver it to the Cupboard. Some mail it directly to the Cupboard.