IRA Required Minimum Distributions

A Simple and Easy Charitable Gift
If you are over 70 1/2 years old, you can make a simple and easy gift to your parish, school, or other endowment by donating part of your IRA's Required Minimum Distribution.
 
Rather than pay income tax on the money you’re required to withdraw from your traditional IRA, you can donate to an endowment at the Catholic Foundation of Maine or establish a new endowment directly from your IRA.  Your gift to an endowment or establishing a new one goes 100% to that endowment, and the designated use of the funds ensures they will be used only for that.  The Catholic Foundation of Maine can help you set this up at no cost.
 
Benefits of making this type of gift
Generally, this provision benefits donors who itemize their deductions and whose charitable contributions are reduced by the IRS percentage of income limitation. With a direct rollover to a qualified charity, you can fulfill your required minimum distribution, avoid paying income tax on it, and provide a significant gift to support the charitable cause that’s important to you.
A QCD gift can be a smart option if the donor meets the following IRS guidelines:

• the donor must be 70½ years old or older
• the distribution must transfer directly from your IRA to a qualified charitable organization
• each individual in a married couple can donate up to $100,000 from individual IRA accounts

Call the Foundation soon, before year end, to discuss and set up your IRA distribution.  (207) 321-7820