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The Consolidated Appropriations Act of 2016 allows charitable distributions from IRAs, so if you are 70 ½ or older, you can transfer your 2016 required minimum distribution (RMD) to Lancaster County Council of Churches at any time.
The donation counts as your RMD but does not increase your adjusted gross income, which can be helpful if you do not itemize and cannot deduct charitable contributions. Also, keeping some or all of your RMD out of your adjusted gross income could help you avoid the Medicare high-income surcharge or help make less of your Social Security benefits taxable.
You can make annual direct transfers to Lancaster County Council of Churches up to $100,000 of tax-deferred IRA savings.
The money needs to be transferred directly from the IRA to Lancaster County Council of Churches.
Let Lancaster County Council of Churches know that we will be receiving a check from your IRA