According to the Internal Revenue Service (IRS), if you are more than 70-1/2 years of age and have an Individual Retirement Arrangements (IRA), you must begin to withdraw some of this money each year. This amount, which is referred to as your “required minimum distribution,” is taxable income, because you have not yet paid taxes on these funds.
But did you know you may be able to designate some of your required minimum distribution to a 501(c)(3) non-profit organization, such as Our Lady's Pantry? If you so designate, IRS will then send a check directly to that non-profit. Importantly, this donation will be tax free.
IRS tax codes change from time to time, so check with your tax advisor to learn more about this option and to see if you qualify. According to the IRS, you would report charitable donations from an IRA on Form 1040. Form 8606 ¾ Nondeductible IRAs ¾ may be required as well. https://www.irs.gov/uac/about-form-8606 Please see IRS Publication 590-B ¾ Distributions from traditional IRAs and ROTH IRAs ¾ for more information. https://www.irs.gov/pub/irs-prior/p590b--2016.pdf
You will likely be asked to provide the Pantry's employer identification number (EIN), which is 59-2945833. Even though Our Lady's Pantry has no employees ¾ only volunteers ¾ this is the identification number they hold for IRS.
Kindly consider a donation to Our Lady's Pantry as you begin to process your required distribution. The Pantry provides an average of 200 heaping boxes of groceries to folks each week. Thus, it helps to relieve hunger for an estimated 600-700 people, weekly, many of whom are children.
“Any gift you can provide is appreciated,” says Tom Bullaro, co-director of the Pantry along with his wife Anita. “Every little bit helps. Thank you.”
Our Lady's Pantry is located at: 16650 U.S. Highway 301 South, Wimauma, Fl. 33598. For more information about the Pantry, kindly visit us at: www.OurLadysPantry.com