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United Way of Meriden and Wallingford News
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Maximize Your Legacy: Charitable Giviing Through Your IRA
October 27, 2025
Did you know your IRA can do more than fund your retirement? It can also help you make a lasting impact in your community.Traditional IRAs have been "designed" as live-on assets, where, ready or not, they morph from savings account to spending account when you reach a given age (currently 73). There are all these technical rules for when and what size payments (known as required minimum distributions or RMDs) must be taken for "retirement" - the "R" in IRA - whether you're retired or not. In fact, there's an additional tax for failure to take what's required when it isn't taken. There's a chance that these payments may not be needed or wanted even though required.
There is good news. Traditional IRAs have also been "designed" as give-on assets. Whether you are an owner or a beneficiary of a traditional IRA, these accounts may be used for tax efficient charitable gifting once you reach age 70½ (but not a day sooner). These unique traditional IRA charitable gifts are known as qualified charitable distributions or QCDs and, not unlike RMDs, have a host of technical rules as well. When done properly, the amount gifted this way is excluded from gross income, thereby reducing adjusted gross income (AGI). That's great news for individuals looking to manage AGI for things like the income taxation of Social Security benefits and the premium payments for Medicare. "Click here for last year's take from IRS on its great idea." As part of our community campaign, we want to share this information to help you plan your charitable giving.
Please consult with your tax professional for additional guidance on your specific gifting.
Member News is provided as a service of the Midstate Chamber of Commerce and is also featured in the monthly "Chamber News" newsletter mailed to members.
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