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Ways to Give

Our Smart Ways to Give: Supporting PCSANM Through Your IRA

Supporting the Prostate Cancer Support Association of New Mexico (PCSANM) doesn’t have to strain your finances. If you are age 73 or older and have an IRA, there are ways to give that may reduce your taxes while helping men and families affected by prostate cancer across New Mexico.

Two important terms you may hear are Required Minimum Distributions (RMDs) and Qualified Charitable Distributions (QCDs). 

What Is a Required Minimum Distribution (RMD)?

Once you reach age 73, the IRS requires you to withdraw a certain amount each year from your traditional IRA. This is called a Required Minimum Distribution.

• The money you withdraw is usually taxable income

• It can increase your tax bill

• It may affect Medicare premiums or the taxation of Social Security benefits

You must take your RMD each year — but you can choose where some or all of that money goes.

What Is a Qualified Charitable Distribution (QCD)?

A Qualified Charitable Distribution allows you to give money directly from your IRA to a qualified charity, such as PCSANM.

Key points:

• Available once you are age 70½ or older

• You may give up to $100,000 per year

• The gift can count toward your RMD

• The amount given is not included as taxable income

• Clarification: Required Minimum Distributions (RMDs) begin at age 73, while Qualified Charitable Distributions (QCDs) can be made starting at age 70½; once you reach age 73, a QCD can be used to satisfy all or part of your RMD.

You support PCSANM and may lower your taxable income at the same time.

Why Giving This Way Is a Win-Win

Giving through a QCD can benefit both you and PCSANM.

Benefits for You

• May reduce your overall tax bill

• Helps satisfy your RMD requirement

• Keeps taxable income lower, which may help control Medicare costs

• No need to itemize deductions to receive the tax benefit

Benefits for PCSANM

• Provides steady support for education, outreach, and support programs

• Helps us plan for future services and expand our reach

• Makes a meaningful impact without increasing your out-of-pocket expenses

How to Arrange a Qualified Charitable Distribution

Setting up a QCD is usually straightforward:

1. Contact your IRA custodian
   This may be your bank, brokerage firm, or financial advisor.

2. Request a Qualified Charitable Distribution
   Many custodians have a specific form or online process.

3. Provide PCSANM’s information
   The check must be made payable directly to the charity.

4. Request that your name is on the check sent to PCSANM so we can acknowledge your donation.

Charity Name: Prostate Cancer Support Association of New Mexico
EIN: 85-0415287

1. Submit your request
   The funds are sent directly to PCSANM.
   (Do not withdraw the money to yourself first.)

2. Keep your records
   PCSANM will provide an acknowledgment letter for your records.
   Be sure your tax preparer knows the gift was a QCD.

Important: QCDs must be completed by December 31 to count for the current tax year.

If you are considering a Qualified Charitable Distribution, we encourage you to talk with:

• Your financial advisor

• Your tax professional

• Your IRA custodian

Your Support Makes a Lasting Impact

A Qualified Charitable Distribution turns a required withdrawal into a powerful act of generosity — supporting education, awareness, and hope for those facing prostate cancer in New Mexico.

It’s a smart financial choice — and a compassionate one.

Financial Disclaimer

This information is provided for general educational purposes only and is not intended as legal, tax, or financial advice. Tax laws and regulations may change, and individual circumstances vary. Please consult your financial advisor, tax professional, or IRA custodian to determine whether a Qualified Charitable Distribution or other giving strategy is appropriate for your situation.