Dear Andrea,
As we have closed the door on 2021, we look forward to continuing this year with a sense of hope and joy with our community. Your invaluable support for the American Diabetes Association® (ADA) throughout 2021 has strengthened our mission to prevent and cure diabetes and to improve the lives of those affected by diabetes.
If you or someone you know is 72 or older, you may receive a letter later this month stating that your required minimum distribution (RMD)—the amount you are required to withdraw from your individual retirement account (IRA) each year—has been reset for 2022. Donating to the ADA from your IRA is one of the most powerful ways to support us this year, and it can help you fulfill that requirement!
While you consider making a tax-savvy IRA donation this year, avoid these common mistakes that can impact your potential tax savings:
- Removing money from your IRA before making your IRA donation: The first dollars you remove from your IRA will count toward your RMD and are taxed as income, even if you are planning to donate to charity! Make your IRA gift first to make an impact as you satisfy your RMD, tax-free.
- Making a regular cash donation before thinking about your RMD: Before you write a check, don't forget that your RMD is reset, and an IRA gift can impact the ADA and satisfy your new RMD at the same time.
Please remember to inform the ADA about your IRA gift. Our
free online tool makes it easy to inform us about your IRA gift, access your custodian's form, or get more information. It also ensures that we can thank you for your gift!
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