Qualified charitable distributions (QCDs)
Did you know you can choose to give up to $111,000 to a qualified charity from your IRA (other than an ongoing SEP or SIMPLE IRA) without counting it as taxable income when you are over 70½ years old? This type of gift is called a qualified charitable distribution (QCD).
A QCD will count towards your required minimum distribution (RMD). However, you can’t claim a charitable contribution deduction for any QCD not included in your income.
Our financial advisors can help you calculate how much you may want to rollover to a Traditional IRA that will generate a QCD equal to the amount you intend to gift each year. You will still have an RMD from your 403(b), because 403(b) plans are ineligible to deliver QCDs.
- Give us a call at 1-800-279-4030 to speak with one of our financial advisors or visit our Financial Planning pages to learn more about QCDs.
- To learn more about moving money from your 403(b) account to an IRA account to take full advantage of QCDs, ask for one of our RIS Specialists or schedule a meeting online.
P.S. Would you consider using all or part of your QCD to give to WEA Member Benefits Foundation to support student mental health in our Wisconsin public schools? The Foundation’s statewide initiative focuses on enhancing access to mental health services within schools and expanding partnerships with local philanthropic funders and community mental health agencies.
The creation of WEA Member Benefits Foundation, Inc.
The Foundation came about based on our set of corporate beliefs.
At WEA Member Benefits:
- We believe in education.
- We believe in public schools.
- We believe every public school employee deserves to be financially secure.
The creation of the WEA Member Benefits Foundation is a natural extension of our beliefs. Its purpose is to support public education, public educators, and the communities they serve. The goal of the Foundation is to provide financial resources for their success.
This year’s WEA Member Benefits’ Annual Student Art Contest, for example, was co-sponsored by the Foundation. Thanks to a generous donor, students gained some very special recognition for their creative work. Learn more about our student art winners.
Donations to the Foundation are tax deductible to the extent allowed under applicable law and can be made in the form of cash or check, bequests from a will or estate plan, or qualified charitable distributions from an IRA. You may also name the WEA Member Benefits Foundation as a beneficiary in your IRA or 403(b) account.
Learn more about WEA Member Benefits Foundation and how to contribute, or contact us at 1-800-279-4030.