How IRA RMDs Can Support LifeSpire of Virginia’s Mission
As the season of giving approaches, many of our supporters at LifeSpire of Virginia are looking for ways to contribute to our mission of enriching the lives of our residents. One often overlooked yet highly effective method is giving through Individual Retirement Account (IRA) Required Minimum Distributions (RMDs). This approach not only benefits LifeSpire of Virginia but also offers significant tax advantages to the donors.
Understanding IRA RMDs
If you have an IRA, upon reaching the age of 73, the IRS mandates the withdrawal of a certain amount of money through the RMD, which is typically subject to income tax, potentially impacting your financial planning and tax situation. The Qualified Charitable Distribution (QCD) allows you to direct an RMD to a qualified charity, such as LifeSpire and its communities, without it being counted as taxable income.
If you are age 73 or older with an IRA, you can direct a RMD of up to $100,000.
If you are between the ages of 70 ½ and 73, you can direct a RMD up to a maximum of $105,000 (in 2024).
A gift of any amount offers you a tax advantage while making a difference at LifeSpire.
How to Make a QCD to LifeSpire of Virginia
Reach out to your IRA custodian to inform them of your intention to make a QCD. They will provide the necessary forms and instructions to complete the transfer. All charitable gifts are received through the Virginia Baptist Homes Foundation
Legal name: Virginia Baptist Homes Foundation
Legal address: 3961 Stillman Parkway,
Glen Allen, VA 23060
Federal tax ID number: 52-1373103
Please let us know about your generous contribution so we can appropriately acknowledge your support and ensure it is directed according to your wishes.
LifeSpire of Virginia is deeply grateful for the generosity of our donors. By choosing to give through your IRA RMD, you not only support our mission but also become part of a legacy of caring and compassion that impacts the lives of many. We encourage you to consult with your financial advisor or tax professional to determine how a QCD can fit into your charitable giving and financial planning strategy. For more information or assistance with making a QCD, please contact Jodi Leonard, Vice President, Virginia Baptist Homes Foundation at (804) 521-9213