If you are 70 1/2 or older you can contribute to Lost Voices from your IRA and avoid paying taxes on that withdrawal. By directing a “Qualified Charitable Distribution” (QCD) to Lost Voices, that full amount will be sent to Lost Voices and will not be considered taxable income to you. Your donation will help to satisfy your Required Minimum Distribution (RMD).
For Example: Suppose your Required Minimum Distribution this year is $30,000. If you are in the 20% tax bracket, you will pay $6,000 in federal taxes for that withdrawal. But if you direct a $10,000 Qualified Charitable Contribution to Lost Voices that full amount will go to support our work and you need only withdraw $20,000. Your federal tax on your IRA withdrawal will be $4,000, not $6,000.
You can do this with a simple call to your financial advisor or plan administrator, telling them that you want to send a Qualified Charitable Contribution to Lost Voices, 650 Church St., Suite 206, Plymouth MI 48170.
