How to contribute with a Qualified Charitable Distribution (QCD)
- If you are planning to contribute to BAS and have a tax-deferred retirement account, making your gift with a qualified charitable distribution (QCD) from that account can be a great way to be generous while at the same time reducing required minimum distributions (RMDs) and optimizing the tax benefits of giving.
- For retirees who have accumulated savings in their tax-deferred retirement accounts, the onset of required minimum distributions (RMDs) at age 73 or 75 (depending on your birth year) produces taxable income to you. Using some of that money as a qualified charitable distribution (QCD) to Bet Am Shalom can enable you to be generous to the Synagogue and also help reduce the tax hit from your RMD.
- Reducing your taxable income might also put you into a bracket that would reduce your Medicare premiums and the IMRAA assessed to Medicare premiums.
- A QCD allows individuals age 70-1/2 and older to also make tax-free donations directly from an IRA to a qualified charity, such as BAS, from your IRA account.
- You can direct your contribution to:
- Bet Am Shalom Synagogue 295 Soundview Avenue White Plains, NY 10605 EIN # 13-1913705
- If you direct a QCD to Bet Am Shalom for payment of dues, tuition or other charges, or donations, please let the office know to expect the payment from your financial institution and how you would like it applied to your account.
- Always contact your financial or tax advisor for the best way for you to proceed.
“Bet Am Shalom is the one institution in my life that supports me and my family continually, during and beyond all significant life-cycle events. I feel it is my obligation to ensure it can do so for those in the BAS community who follow me. Providing for that by allotting a small percentage of my estate was easy to do, has no effect on my financial situation during my life, and was supported and encouraged by my children.”
Robert Weintraub