Elk NetworkSmart Ideas for Year-End Giving – Individual Retirement Accounts

Conservation | September 27, 2022

This holiday season, take a moment and consider the gifts you would like to give. You can give a gift that goes a long way toward ensuring the future of elk and elk country.

Here are six letters that may spell out a great way for your charitable donation to help further the Rocky Mountain Elk Foundation’s mission: QCD & IRA. QCDs (qualified charitable distributions) are also known as IRA (individual retirement account) rollovers. If you own an IRA and you are at least 70 and a half years old at the time of the transfer, you are eligible. You request a payment go directly from your plan administrator to RMEF. It’s that easy. This approach is appealing to donors as you may receive a tax benefit whether or not you itemize your deductions. And it can satisfy your required minimum distribution (RMD).

Having said that, you may not take an income tax charitable deduction for this gift since that’s considered “double dipping,” a no-no since you did not pay taxes on the assets in the first place. The distribution is also excluded from your taxable income so it may prevent you from being bumped into a higher tax bracket since the distribution is excluded from their taxable income.

A QCD is a direct transfer from the plan administrator to your charity. It is not distributed to the plan owner. Therefore, it is a tax-free gift to charity. The QCD is already a popular way for donors to make their charitable gifts. With fewer individuals now itemizing, the number of these gifts continues to grow given their tax-advantaged nature and simplicity.

You can also include RMEF to receive any remaining balance or a percentage of your IRA upon your passing.

Contact RMEF (bbell@rmef.org or 406-523-3456.) if you have any questions or are making this type of gift. Plan administrators may not share their client’s information and this allows us to track and recognize your donation.

While these are suggestions or possibilities, it is important to note RMEF does not offer tax advice. And as always, RMEF recommends discussing options with your financial advisors before taking any action.

Turn your values into your legacy. Include RMEF as a beneficiary of your will, life insurance policy, retirement accounts, trust or annuity and be recognized in our esteemed Trails Society. Ensure generations will enjoy the wildlife and wild places that you treasure.