“Count your age by friends, not years.” -John Lennon
Annual Appeal
Every year we reach out to our patrons and the broader community and ask them to help us remain fully funded throughout the year. In case you missed it, we have a donation button on the right side of each page. Clicking it will bring you to our PayPal page where you make a donation electronically. You can also send us a check or bring in cash. We appreciate your generosity no matter the way you give.
Qualified Charitable Distribution (QCD)
A Qualified Charitable Distribution (QCD) allows individuals age 70½ or older to directly transfer up to $111,000 per year from their IRA to eligible charities. The key benefit is that the distribution is excluded from taxable income This can help satisfy annual Required Minimum Distributions (RMDs) while reducing your overall tax burden
How a QCD Works
Instead of taking a taxable withdrawal from your IRA and then writing a check to a charity, a QCD is transferred directly by your IRA custodian to the charity. Because the funds never pass through your hands, they are not counted as adjusted gross income.
Key Rules & Requirements
· Age Limit: You must be at least 70½ years old on the day the transfer is made.
· Annual Limits: The maximum QCD you can make is $111,000 per year (for an individual) or $222,000 for married couples filing jointly who each have their own IRAs.
· Eligible Accounts: QCDs can be made from Traditional IRAs, Rollover IRAs, and inactive SEP or SIMPLE IRAs. They are not made from active workplace retirement accounts like a 401k.
· Eligible Charities: The funds must go to an IRS-recognized 501(c)(3) public charity. QCDs cannot be made to donor-advised funds (DAFs), private foundations, or charitable gift annuities.
Tax Advantages
· Satisfies RMDs: Once you reach the age where you must take RMDs (currently age 73), a QCD counts toward fulfilling your annual RMD requirement.
· Lowers Adjusted Gross Income (AGI): By keeping your AGI lower, a QCD can help you stay in a lower tax bracket, reduce the taxable portion of your Social Security benefits, and potentially prevent you from paying higher Medicare premiums.
· Benefits Non-Itemizers: The funds are excluded from your taxable income, not claimed as a deduction. Therefore, you can benefit from a QCD even if you take the standard deduction.
How to Execute a QCD
1. Contact your IRA custodian or administrator and request a direct transfer or direct payment payable to the charity.
2. Many custodians provide a specific QCD or IRA distribution form you must fill out.
3. Don’t let your donation be treated as taxable income. Make the check directly payable to the charity. Do not make it out to you personally.
How can I be a part of the expansion campaign?
To help make this happen, please donate at whatever level you can!
Major Naming Opportunities
