Did you know that by donating your Required Minimum Distributions (RMDs), you can become a lifeline for those in need through the Home?
What Are RMD Donations?
For those who are 70½ years old or older, the IRS mandates that you withdraw a certain amount each year from your retirement accounts (excluding Roth IRAs). These withdrawals are known as Required Minimum Distributions (RMDs). By donating your RMD directly to a qualified nonprofit like the Presbyterian Home for Children, you can make a significant difference without increasing your taxable income.
When you transfer your RMD directly to the Home, the amount is excluded from your taxable income. This can potentially lower your overall tax bill, especially if you don’t need the extra income from your RMD. It’s a win-win: you support a worthy cause while enjoying a tax break.
For more information or questions, please contact Suzanne Cornett, Director of Development – scornett@phfc.org or 256-362-8284.
