If you are 70 ½ or older with a traditional IRA, you’re eligible to donate directly from your IRA and it will count towards your required minimum distribution (RMD). Required Minimum Distributions (RMDs) are the amount of money IRA account holders must remove from their IRA each year. If you do not take these funds out of your account, you will be taxed heavily on the remaining amount. If you take the funds out of your account, they will be subject to regular state and federal income taxes. If you are 72 years old or older, you must take the RMD.
Just like donating via cash or check, giving from your IRA is an immediate and impactful way to support Greater Indy Habitat — but unlike a cash gift, it helps you save on your taxes. Your QCD must be made directly to the non-profit to be excluded from your taxable income.
Did you know? You can create a legacy to support Habitat’s mission for years to come. Simply name Greater Indy Habitat for Humanity as a beneficiary of your IRA account, and the remaining assets of the account will be distributed to help more families achieve their dream of homeownership.
Sample beneficiary designation
Legal name: Habitat for Humanity of Greater Indianapolis
Address: 3135 N Meridian St, Indianapolis, IN 46208
Federal Tax ID number: 35-1715910