Giving From Your IRA

Giving from your IRA is a smart way to achieve your charitable goals and receive income tax benefits.

To make a gift to CR from your IRA, follow these steps:

  1. Consider your finances and charitable goals. If you are or coming up to the age of 72 and face RMDs, factor in how receiving your RMD will impact your overall income and, therefore, your taxes.

  2. Contact your IRA trustee to find out more about its process for arranging qualified charitable distributions.

  3. Notify your IRA trustee that you want to make a qualified charitable distribution, and fill out the required paperwork from the trustee. Please instruct them to provide your name and address on the QCD paperwork so we can provide the required receipt needed for your taxes.

  4. The check should be made to Consumer Reports, Inc. and mailed directly to:
    Consumer Reports
    Attn: Shannon Miller
    101 Truman Ave
    Yonkers, NY 10703

  5. Contact us at 877-275-3425 when you’ve directed the gift. When we receive it, we’ll provide the required receipt.

Current tax law allows you to donate to your favorite charities, such as Consumer Reports, directly from your individual retirement account starting at age 70 ½. It’s called a qualified charitable distribution or QCD. These donations can be made from the following IRAs: Traditional, Rollover, Inherited, SEP (inactive only), and SIMPLE (inactive only). You cannot make a QCD from a 401(k), 403(b) or Keogh plan during your lifetime.

QCDs reduce your income that is taxed when you have to take required minimum distributions starting at age 72. You can make distributions up to $100,000 each year, and the amount will be excluded from gross income. One important note: under the new SECURE Act, you can make a QCD at age 70 ½ even though you do not have to take a RMD until age 72. In fact, if you think you will face significant taxes when your RMD begins at age 72, making QCDs beginning at 70 ½ can reduce the overall amount in your IRA.

Questions?
If you are interested in giving through your IRA, please contact Olivier Szlos.

Contact Us

Olivier Szlos, Associate Director, Major Gifts
Consumer Reports
101 Truman Ave
Yonkers, NY 10703
914-378-2881
oliver.szlos@consumer.org

Please note: This information is not intended as tax or legal advice. It is important to seek your own independent legal or financial counsel when considering a charitable gift.
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