A Tax-Smart Way to Use Your IRA

You have saved for retirement for years, faithfully putting money into your IRA while enjoying tax savings. However, when you want to start withdrawing that money, you will need to pay income taxes on what you take out.

But there is hope – a tax-savvy way to use your IRA to make a lasting impact on the VFW.

Qualified Charitable Distribution

If you are 70½ or older, you can give any amount up to $100,000 from your IRA directly to a qualified organization such as the VFW without having to pay income taxes on the gift. Plus, you receive benefits in return. Here are the details:

• You must be at least 70½ when you make your gift.
• You pay no income tax on the gift.
• The transfer does not generate taxable income nor a tax deduction, so you benefit even if you do not itemize on your taxes.
• If you have not yet taken your required minimum distribution for the year, your gift can satisfy all or part of that requirement.

Make Your Gift Count for 2019

To ensure your gift qualifies for 2019, be sure to transfer the funds by Dec. 31. If you have check-writing privileges on your IRA, please mail your check by Dec. 20 in order to give the VFW time to process your gift before the end of the year.

Use Your IRA to Create Your Legacy at the VFW

To learn more about using your IRA to lend veterans a helping hand, or for help making your gift, contact the VFW Planned Giving Office at plannedgiving@vfw.org or 816.968.1119.