This is a special opportunity for those 70 1/2 years old and older. You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity like the Episcopal Church in Alabama without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short. Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution (RMD). You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. Since the gift doesn't count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax. Talk to your advisor about the advantage of directly transferring gifts from your retirement plan to the Episcopal Church in Alabama. Your accountant or other advisor can also help you determine the optimum amount to give from retirement plan accounts under federal and state tax laws. To help us track you IRA gift, please inform Claire Cotten (ccotten@dioala.org) of your intent to make a gift from your IRA.