Lessons from Lee: What you need to know about IRA Qualified Charitable Distributions

In this new series, League Trustee Lee Miller will be sharing easy ways to make a big difference when it comes to supporting the League. Lee is the Regional Office Director, New York of the Glenmede Trust Company, N.A. She is an advisor to high-net-worth families and specializes in estate planning, trust administration, and financial and philanthropic education for multi-generation families. Lee began her involvement with preservation during high school as a member of the Roslyn Landmark Society and interned at the Georgia Trust for Historic Preservation while a law student at Emory University. She served on the board of Glynwood in the Hudson Valley, was a docent at the Metropolitan Museum of Art for more than thirty years where she is also on the Professional Advisory Council. Lee is a Trustee of Emory University.  She also serves on the Professional Advisors Council of Calvary Hospital. The League is lucky to count her among our Trustees and she currently serves as Vice Chair of the Board’s Executive Committee.


Making a Difference: What you need to know about IRA Qualified Charitable Distributions

If you are 72+ years old (or 70 1/2 or older as of January 1, 2020) and are not using your annual IRA Required Minimum Distribution for living expenses, you can use it to support an eligible charity like the Preservation League.

The Basics

When IRA owners reach age 72, they are required to take yearly minimum distributions — even if they don’t want or need the income. These distributions are taxed as ordinary income, which could have unfavorable tax implications. A great solution could be to request an IRA Qualified Charitable Distribution to a favorite charity like the League! — because Qualified Charitable Distributions are not taxable as income.

How it Works

  • Direct a transfer from your IRA account directly to the Preservation League of NYS (or other eligible charity).

  • Exclude the amount of your distribution from your income for federal tax purposes.

  • Count it toward your Required Minimum Distribution for the year.

  • Make an immediate impact!

Click here for a sample Distribution Request Letter.

Please note: The League cannot offer legal, financial, or tax advice. Please consult with your attorney, accountant, and/or tax advisor for advice concerning your particular circumstances.