Giving of RMDs from Retirement Accounts

Donations of Required Minimum Distributions (RMD) from Retirement Accounts

Did you know that you can make a donation of all or a portion of the Required Minimum Distribution from your retirement account to tax exempt charities such as St. Mark's and your donation will be tax exempt?

Please consider designating a portion of your Required Minimum Distribution this year to St. Mark’s. It is a very easy and tax-friendly way to contribute. Here’s how it works. If you are at least age 70½ (unless your 70th birthday occurred July 1, 2019 or later, then you can wait until reaching age 72) and you have retirement accounts (IRA, 401K, TSP, 457), you are required to take a minimum distribution from those accounts or incur a penalty equal to one-half of the otherwise required minimum distribution amount. To contribute all or a portion of your RMD to St. Mark’s, all you need to do is instruct your financial institution or adviser to designate a portion or all of your RMD to St. Mark’s. The contribution is tax exempt even if you do not itemize deductions for income tax purposes because your financial institution or adviser would not identify the donated amount to the IRS as reportable income in accordance with the tax code. It really is a win-win situation.

Regardless of how you give or how much you give, thank you for your generosity. Your contributions sustain the many ministries of our church. That should make us all feel good.