Charitable Donations through your IRA
If you are 70 ½ or older, you can fulfill your pledge directly from your Traditional IRA by simply instructing the plan administrator to make the transfer directly to Prince of Peace as a Qualified Charitable Distribution (QCD). This is normally done as part of your fulfillment of the Required Minimum Distribution (RMD) for 2018. The part of your RMD that you have sent to Prince of Peace will not be reported as taxable income. The US News and World Report had a good recent article on how the 2018 tax overhaul makes using your RMD a great option because it allows you to get a tax break for donations and use the higher standard deduction.