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Minimize Your Personal Taxes Through a Qualified Charitable Distribution

Donate from a taxable IRA instead of taking your required minimum distribution

Your personal and professional contributions to family medicine education have undoubtedly had a profound impact on those you’ve met, mentored, led, and collaborated with throughout your life journey. Your impact on the discipline can continue beyond your career and even beyond your lifetime through a qualified charitable distribution from your taxable IRA to the STFM Foundation.

 

What Is a Required Minimum Distribution? 

Individuals who have invested money in taxable Individual Retirement Accounts (IRAs) must take distributions — each year — from those accounts when the individuals reach the age of 72 or 73 (varies by year of birth). These withdrawals are called required minimum distributions (RMDs). RMDs can increase an IRA holder’s taxable income. This can result in the the taxpayer moving into a higher income tax bracket, and can also limit or eliminate some tax deductions.

More from the IRS about required minimum distributions

More from Equitable Advisors, LLC about required minimum distributions (pdf)

What Is a Qualified Charitable Distribution? 

A qualified charitable distribution, sometimes called an IRA charitable rollover, is a distribution from your individual retirement account (IRA) to a qualified charity, such as the STFM Foundation. Qualified charitable distributions are not taxed. 

Qualified charitable distributions can help you meet IRS requirements for minimum distributions without increasing your tax liability. You can contribute up to $105,000 per year to charity through qualified charitable distributions. 

What to know:

  • You must be at least 70 1/2 at the time of the distribution
  • You can distribute any amount up to $105,000 per year
  • You and your spouse can each make distributions of up to $105,000 per year if you're both at least 70 1/2 and you own individual, taxable IRAs
  • Distributions must be received by the STFM Foundation by December 31 to be considered as a charitable donation for the year.

More from the IRS on qualified charitable distributions

How to Get Started

Talk to your financial advisor to make sure a qualified charitable distribution is right for you.

Contact your IRA custodian: The distribution must be a direct transfer of funds to the STFM Foundation, 11400 Tomahawk Creek Parkway, Ste 240 | Leawood, KS 66211. Ask your custodian to ensure your name is listed, and not just the account name.  

Questions? We would be happy to consult with you on your particular needs, questions, or concerns. Contact Mindy Householder, STFM Foundation development manager.

Contact Us

11400 Tomahawk Creek Parkway

Leawood, KS 66211

(800) 274-7928

Email: stfmoffice@stfm.org 

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AI Chatbot Tips

Tips for Using STFM's AI Assistant

STFM's AI Assistant is designed to help you find information and answers about Family Medicine education. While it's a powerful tool, getting the best results depends on how you phrase your questions. Here's how to make the most of your interactions:

1. Avoid Ambiguous Language

Be Clear and Specific: Use precise terms and avoid vague words like "it" or "that" without clear references.

Example:

Instead of: "Can you help me with that?"
Try: "Can you help me update our Family Medicine clerkship curriculum?"
Why this is important: Ambiguous language can confuse the AI, leading to irrelevant or unclear responses. Clear references help the chatbot understand exactly what you're asking.

2. Use Specific Terms

Identify the Subject Clearly: Clearly state the subject or area you need information about.

Example:

Instead of: "What resources does STFM provide?"
Try: "I'm a new program coordinator for a Family Medicine clerkship. What STFM resources are available to help me design or update clerkship curricula?"
Why this is better: Providing details about your role ("program coordinator") and your goal ("design or update clerkship curricula") gives the chatbot enough context to offer more targeted information.

3. Don't Assume the AI Knows Everything

Provide Necessary Details:The STFM AI Assistant has been trained on STFM's business and resources. The AI can only use the information you provide or that it has been trained on.

Example:

Instead of: "How can I improve my program?"
Try: "As a program coordinator for a Family Medicine clerkship, what resources does STFM provide to help me improve student engagement and learning outcomes?"
Why this is important: Including relevant details helps the AI understand your specific situation, leading to more accurate and useful responses.

4. Reset if You Change Topics

Clear Chat History When Switching Topics:

If you move to a completely new topic and the chatbot doesn't recognize the change, click the Clear Chat History button and restate your question.
Note: Clearing your chat history removes all previous context from the chatbot's memory.
Why this is important: Resetting ensures the AI does not carry over irrelevant information, which could lead to confusion or inaccurate answers.

5. Provide Enough Context

Include Background Information: The more context you provide, the better the chatbot can understand and respond to your question.

Example:

Instead of: "What are the best practices?"
Try: "In the context of Family Medicine education, what are the best practices for integrating clinical simulations into the curriculum?"
Why this is important: Specific goals, constraints, or preferences allow the AI to tailor its responses to your unique needs.

6. Ask One Question at a Time

Break Down Complex Queries: If you have multiple questions, ask them separately.

Example:

Instead of: "What are the requirements for faculty development, how do I register for conferences, and what grants are available?"
Try: Start with "What are the faculty development requirements for Family Medicine educators?" Then follow up with your other questions after receiving the response.
Why this is important: This approach ensures each question gets full attention and a complete answer.

Examples of Good vs. Bad Prompts

Bad Prompt

"What type of membership is best for me?"

Why it's bad: The AI Chat Assistant has no information about your background or needs.

Good Prompt

"I'm the chair of the Department of Family Medicine at a major university, and I plan to retire next year. I'd like to stay involved with Family Medicine education. What type of membership is best for me?"

Why it's good: The AI Chat Assistant knows your role, your future plans, and your interest in staying involved, enabling it to provide more relevant advice.

Double Check Important Information

While the AI Chat Assistant is a helpful tool, it can still produce inaccurate or incomplete responses. Always verify critical information with reliable sources or colleagues before taking action.

Technical Limitations

The Chat Assistant:

  • Cannot access external websites or open links
  • Cannot process or view images
  • Cannot make changes to STFM systems or process transactions
  • Cannot access real-time information (like your STFM Member Profile information)

STFM AI Assistant
Disclaimer: The STFM Assistant can make mistakes. Check important information.