The IRS has made it easier for people who have reached the age of 70 and a half to give to causes and organizations they care about – like UUFN !
Individuals can now donate directly from their Individual Retirement Accounts (IRA) to the UUFN with the distributions (donations) being Tax-Free. This includes the Required MINIMUM Distributions (RMD) that must be taken each year beginning in the year after you turn 70 1/2. These distributions to UUFN can satisfy all of your RMD requirements while also supporting the UUFN. You pay no income tax on the IRA distribution in addition to collecting a tax deduction for the charitable distribution.
It is a WIN-WIN-WIN…. avoid taxes on your IRA distribution; reduce your taxable income even if you do not itemize deductions; support the mission of UUFN !
December 31 is the deadline for distributions for 2016 tax year. Please contact Finance Chair – Peter Hartranft, or your tax advisor, for any questions or help in how to make a qualified charitable distribution from your IRA to UUFN in 2016.