IRA REQUIRED MINIMUM DISTRIBUTION PROCEDURES

IRA REQUIRED MINIMUM DISTRIBUTION PROCEDURES

Those affected by Required Minimum Distributions are generally required to annually withdraw an amount at least equal to the calculated required minimum distribution (RMD). Roth IRAs are not required to withdraw funds until after the death of the owner. Federal law and IRS rulings change from time to time. Please talk with your tax professional for details about your particular situation.

Current tax laws allow you to make a Qualified Charitable Distribution (QCD) from your IRA account direct to the CWCC.  The QCD can be used to satisfy part or all of your RMD.  This procedure is especially useful for people who do not itemize.  The amount you transfer is excluded from your taxable income.

You can usually obtain a QCD form from the firm holding your IRA account.  The firm will also process the completed form.

Follow these steps:

  1. Check with the firm holding your IRA for the date they need your QCD form.
  2. Request a QCD form to complete.
  3. Complete the form naming the Camas-Washougal Community Chest (CWCC), IRS Tax Number 91-0839945, Camas, WA 98607 as recipient of the QCD.  Return the form to the firm allowing time for processing.
  4. Inform the CWCC Treasurer of your plans.