Once you reach 70 1/2 years old, you can give any amount (up to a maximum of $108,000) per year from your IRA directly to a qualified charity such as the Library of Virginia Foundation without having to pay income taxes on the money. 

You pay no income tax on the transfer, and because it isn’t included in your taxable income, you benefit even if you don’t itemize deductions. Beginning in the year you turn 73, your gift can count toward all or part of your required minimum distribution (RMD). Since the gift does not count as income, it may lower your annual income level—potentially reducing your Medicare premiums and the portion of your Social Security benefits that are subject to tax.