You can support UMD and receive tax benefits with a gift from your Individual Retirement Account (IRA)
If you and/or your spouse are 701/2 or older, the IRA Qualified Charitable Distribution provision allows you to make a charitable contribution from your IRA account directly to a qualified charity, such as United Macedonian Diaspora (UMD), or the UMD Funding The Future Endowment Fund at the Cleveland Foundation, without being taxed on the income.
Your support for UMD’s incomparable global Macedonian advocacy will have an immediate impact. It will make a difference in the lives of fellow Macedonians by building and sustaining our global Macedonian community, and help combat the ongoing international campaign to delegitimize Macedonia and her people.
HAVE YOU TAKEN YOUR REQUIRED MINIMUM DISTRIBUTION (RMD) FROM YOUR IRA FOR 2018?
If not, please consider gifting the funds that the government requires you to withdraw from your IRA as your 2018 charitable contribution to UMD. In fact, some of our donors use the IRA Charitable Distribution to pay their existing pledges to UMD.
HOW AN IRA CHARITABLE DISTRIBUTION GIFT WORKS:
• You must be 701/2 or older when you make your gift, and the gift must be made from an IRA – as no other retirement plans (such as 401K, 403B or SEP plans) qualify.
• The gift from your IRA must come directly from the administrator/custodian of your IRA to UMD or the Cleveland Foundation for the benefit of UMD.
• Your IRA distribution to UMD can satisfy part or all of your RMD for the year.
• You can transfer up to $100,000.00 per spouse from your IRA to UMD and reduce your taxable income for 2018.
• Although the IRA distribution will be free from income tax, it will not generate an income tax charitable deduction.
For questions and/or instructions about making the IRA Charitable Distribution, please contact Metodija Koloski at 202-350-9804 or by e-mail at [email protected] or Donald Sazdanoff at 419-884-8309 or by e-mail at [email protected]
The information contained herein is not legal or tax advice. You should consult with your personal tax professional to determine how making any donation will affect your own individual situation.