If you’re looking for a tax-efficient way to support MEF, consider making a Qualified Charitable Distribution (QCD) from your Individual Retirement Account (IRA). A QCD allows individuals aged 70½ or older to transfer up to $105,000 directly from their IRA to a qualified charity like MEF without incurring income tax on the distribution.
Benefits of QCDs:
- Tax Efficiency: QCDs can satisfy your Required Minimum Distributions (RMDs) without increasing your taxable income.
- Estate Planning: Since QCDs are not included in your taxable income, they may reduce your estate’s value, potentially lowering estate taxes.
How to Make a QCD to MEF:
- Consult Your IRA Custodian: Inform them of your intent to make a QCD to MEF.
- Provide MEF’s Details: Ensure your custodian has MEF’s legal name, address, and tax identification number.
- Specify the Amount: Decide on the contribution amount, keeping in mind the annual limit of $108,000 for 2025.
- Direct the Funds: Request that the funds be sent directly to MEF to qualify as a QCD.
For more information on making a QCD to MEF, contact Doug Perry, Executive Director of the Murray Education Foundation, at 801-808-2414 or via email at dperry@murrayschools.org.
By leveraging QCDs, you can support MEF’s mission to enhance educational opportunities for students in the Murray City School District while enjoying significant tax advantages.