If you are 70 ½ years old or older, you have the option to contribute a maximum of $100,000 per year directly to Mad Agriculture or other nonprofits through an IRA charitable rollover gift, also known as a Qualified Charitable Distribution (QCD). It’s important to note that this type of distribution can only be made from a traditional IRA, not from a retirement plan like a 401(k) or 403(b), although a Roth IRA might also be eligible.
By donating in this form, you open the doors to these advantages: (1) If you are over 72 years old, you can use a QCD to fulfill part or all of your required minimum distribution (RMD) for the year. (2) By donating directly from your IRA instead of receiving the income and then making a gift, you can potentially avoid being pushed into a higher tax bracket due to your RMD.
Please reach out to your IRA administrator to request a direct distribution to Mad Agriculture. They will prompt you to complete a form including Mad Agriculture’s EIN and mailing address. It is vital to ensure your name and correct contact information is associated with the transfer.