At age 70 ½, IRS regulations require individuals with qualified retirement accounts to begin taking minimum withdrawals from their account, which is also known as Required Minimum Distributions (RMD).
To avoid the risk of a higher tax bracket, you can also gift your Individual Retirement Account RMD to charity. You’ll benefit when you receive a charitable deduction while supporting Compassion’s mission to release children from poverty in Jesus’ name.
To donate all or a portion of your RMD:
- Contact your retirement administrator, notifying them you would like to donate your RMD directly to Compassion.
- Your administrator will disperse the funds directly to Compassion. This direct disbursement avoids federal tax on the RMD.
- Compassion’s formal address and Tax ID below will be required to complete this transaction.
Compassion International Inc.
Attn: Gift Planning Dept.
12290 Voyager Parkway
Colorado Springs, CO 80921-3668
Tax ID: 36-2423707
- Provide your Compassion Relationship Manager with the name of the administrator and where you would like the funds to be designated.
In addition to your RMD, you can gift a larger portion of your qualified retirement account to Compassion. In 2016, Congress instated the IRA Charitable Rollover, which allows IRA account owners to gift up to $100,000 from their account to a qualified charity in a calendar year.