Gifts from your IRA
The Legacy IRA Act, as part of the SECURE Act 2.0 of the Consolidated Appropriations Act which passed in December 2023, creates new charitable gift planning opportunities for donors starting at age 70.5.
Gifts from your IRA (Qualified Charitable Distributions)
Donors 70.5 years and older who have a traditional IRA are eligible to make a tax-free donation directly from their IRA to the LGS Foundation called a Qualified Charitable Distribution (QCD). Generally speaking, these gifts are tax-free and can be a smarter way to support the LGS Foundation this year.
For those 72 and older, QCDs can count towards your required minimum distribution, allowing you to use your IRA to impact lives today, tomorrow, and for generations to come.
Thanks to the Legacy IRA Act, the annual qualified charitable distribution (QCD) limit of $100,000 is now indexed for direct gifts to charity. Individuals age 70½ or older are permitted to make distributions from their IRA directly to charity and avoid reporting of the income.