News & Events | Year-End Planning: Racing the Clock on Your RMD? | Truman Heartland Community Foundation
 

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Year-End Planning: Racing the Clock on Your RMD?

If you’re 70 ½ years of age or older, time is running out to satisfy your IRA Required Minimum Distribution (RMD). The deadline to withdraw your RMD is December 31st.

While it’s common for people to hold off taking their RMD until later in the year, a missed deadline could mean a 50 percent excise tax from the IRS.

Looking for a smart way to satisfy your IRA RMD?
Gift your RMD to a fund at Truman Heartland Community Foundation with a Qualified Charitable Distribution (QCD). By transferring your RMD directly from your IRA to a fund at Truman Heartland, your distribution is excluded from your taxable income, fulfills your RMD and can be used to support the causes you care about.

Donor Advised Fund cannot accept QCDs, but you can use this strategy to build up a Scholarship Fund, Designated Fund, Competitive Grantmaking Fund or support the Annual Foundation Fan Club. QCD gifts must be received by December 31 to fulfill your RMD.

Note: Truman Heartland Community Foundation does not offer accounting or legal advice. Please note that the IRA Qualified Charitable Distribution gifts do not qualify for a charitable deduction. The transfer works for IRAs but not for other retirement accounts.

 

Ready to Use Your RMD for Good?

Download our Give Smart: RMD One-Sheet and discuss this strategy with your professional advisor. You can also make an appointment to meet one-on-one with Shannon Sundberg, our Director of Advancement, to learn more about gifting your RMD to a fund at Truman Heartland.



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