IRA Donations

Support the Intrepid Fallen Heroes Fund with a Qualified Charitable Distribution from Your IRA

What is a qualified charitable distribution?
A Qualified Charitable Distribution (QCD) is a distribution of funds from your IRA directly to a 501(c)(3) charitable organization, such as the Intrepid Fallen Heroes Fund (IFHF). Because the gift goes directly to IFHF without passing through your hands, the dollar amount of the gift may be excluded from your taxable income up to a maximum of $100,000 annually, with some exceptions.  Please consult your tax advisor for information regarding specific exceptions.

The rules for QCDs allow people older than 70½  to transfer up to $100,000 from their IRAs to charity each year and have it count as their Required Minimum Distribution (RMD) without it being added to their adjusted gross income.

This tax break means that the donor cannot also claim the donation as a deduction on Schedule A of their tax return. Other donations to charity that don’t use IRA funds can still be claimed as an itemized deduction.

• The CARES Act of 2020 allowed Seniors to skip their Required Minimum Distribution (RMD) without paying a penalty. The RMD suspension only applied for one year. Anyone who is at least 70½ years old by the end of the year is required to take an RMD. Many key dollar limits on retirement plans and IRAs remain the same for this year. 

If you are of age or older and have an IRA, you may be able to help IFHF provide the best care for injured military personnel while lowering your taxes and help fulfill your required minimum distribution.

Benefits:

• Your donation can help you save on taxes. When you take funds from your IRA, it counts as taxable income. But QCDs are excluded from taxable income, making them an attractive, tax-efficient way to make a charitable gift, particularly if you claim the standard deduction on your tax return.
• Your gift can help you fulfill your required minimum distribution. After you turn 72, you must distribute funds annually from your IRA or you may be penalized. Your QCD can help fulfill your required minimum while making a world of difference for injured soldiers.

Benefits are also available to those over 59½ years old. Just like a QCD, you can take a cash distribution from your IRA, contribute the cash to IFHF, and offset taxes attributable to the distribution by taking a charitable deduction up to 100 percent of your Adjusted Gross Income (AGI) for the tax year. 

If you’re planning a large donation this year, are between ages 59½ and 70½ and not dependent on existing retirement funds, this may be a smart strategy for you.

• This tax break means that you cannot also claim the donation as a deduction on Schedule A of your tax return.
• Only donations to charity that don’t use IRA funds can still be claimed as itemized deductions.

How to Make a QCD Gift through your IRA

You can make your QCD gift quickly and hassle-free through your financial institution.

You can also Leave a Legacy. When you name the Intrepid Fallen Heroes Fund as a beneficiary of your IRA account, the remaining assets (or any portion that you designate) can be used to support our continued effort to provide the best treatment for injuries incurred in military service for years to come. To learn more about this or to notify us of your gift, please contact the Development Office at 646-275-0086 or ssbar@fallenheorsfund.org.

© 2023 Intrepid Fallen Heroes Fund. All Rights Reserved.