If you are 73 or older, we invite you to consider making a Qualified Charitable Distribution (QCD) to The Cedars. By doing so, you can fulfill your Required Minimum Distribution (RMD) while also supporting our mission and enhancing the lives of older adults. Your donation will help us continue our vital work and make a positive impact in our community.
What is an RMD?
An RMD is the minimum amount you must withdraw from your tax-deferred retirement accounts, such as traditional IRAs, each year once you reach a certain age. For 2024, the age at which you must start taking RMDs is 73.
Benefits of Donating Your RMD:
- Tax Benefits:You can potentially lower your tax bill by excluding a Qualified Charitable Distribution (QCD) from your taxable income. Donating up to $105,000 directly from your IRA to a qualified nonprofit organization such as The Cedars can satisfy your Required Minimum Distribution (RMD) and exclude this amount from your taxable income.
- Support Our Mission: Your generosity will directly support our programs and initiatives, helping us to achieve our goals and serve the older adults we care for.
- Ease of Process: Making a QCD is straightforward. Simply instruct your IRA custodian to transfer the desired amount directly to The Cedars (Cedars Nursing Care Center, Inc., Tax ID 01-0211517), 630 Ocean Ave., Portland, ME 04103
We encourage you to consult your financial advisor to ensure you meet these requirements and maximize your retirement savings. If you have any questions or need further assistance, please contact Tracy Ericson at 207-221-7007 or tericson@thecedarsportland.org.