Other Ways to Give

Giving Required Minimum Distributions (RMD) from Your Individual Retirement Account (IRA)

Did you know that you may qualify for a special tax break for retiree charitable donations? Many people find this type of gift provides better tax benefits than a cash gift.

Annual withdrawals from retirement accounts are required for retirees after age 73. These withdrawals are called required minimum distributions (RMD). If you are fortunate to not need your RMD for living expenses and want to support CHSC, you can avoid federal and Ohio income taxes by donating your RMD. And you can take advantage of this regardless of if you itemize or take the standard deduction.

For the distribution to count toward your current year's RMD, the funds must come out of your IRA by December 31. If you are 73 or older, own an IRA, and want to support CHSC, this may make sense for you; consult your tax advisor regarding your specific situation. Check the IRS website for the most current updates on required minimum distributions or contact your financial planner.

For more information, contact Debbie Dey, Major Gifts Officer at ddey@chsc.org or 440-781-0932.

This material is not intended to replace the advice of a qualified tax advisor, attorney, and accountant, or insurance advisor. Consultation with the appropriate professional should be done before any financial commitments regarding the issues related to the situation are made.