IRA Distributions and the BHHA

If you are over 70 ½ and have a tradition IRA account that requires you to take a minimum distribution each year, you can avoid paying income tax on that distribution by directing the trustee of the IRA to make a payment directly to an eligible charitable organization.  The Bishop Hill Heritage Association is an eligible 501 (c) (3) organization.  The rules are as follows:

  1. The taxpayer must be 70 ½ or older at the time of the qualified charitable distribution (QCD).
  2. All or part of the taxpayer’s required minimum distribution (RMD) may be included in the QCD.
  3. QCD are limited to $100,000 per taxpayer.
  4. A charitable contribution deduction cannot be claimed on Schedule A of the U.S. form 1040 for any QCD not included in income.

Please consider contacting the trustee of your IRA to make a charitable contribution to the BHHA.