Qualified Charitable Distributions
A tax-wise win for you, while helping a neighbor in need.
Support Community Resource Center with a Qualified Charitable Distribution (QCD), also known as a Charitable IRA Rollover. This method offers a smart way to support our community while fulfilling your required minimum distributions.
As you consider a gift to Community Resource Center, there is an excellent option for those who have reached the age of 70 ½: make a Qualified Charitable Distribution (QCD) from your traditional Individual Retirement Account (IRA). This offers you a tax-efficient way to make a meaningful impact.
How it Works:
- Annual Tax-Free Gift: You can make a tax-free gift directly to CRC from your IRA before December 31st each year. If you choose to give in this way, we recommend implementing your gift by mid-December to ensure processing by year-end.
- Increased Giving Capacity for Couples: If you file taxes jointly, each partner can contribute up to $100,000 annually, allowing a combined potential total of $200,000 in charitable giving.
- Tax Benefits: By transferring IRA assets directly to CRC, QCDs are not reported as taxable income. This benefit applies even if you do not itemize deductions on your tax return.
How to Make a QCD to CRC:
- Direct Transfer Requirement: Your IRA plan administrator must transfer the funds directly to Community Resource Center. This step is necessary for the distribution to qualify as a QCD and for you to receive the associated tax benefits.
- Keeping Track: While the donation does not count as taxable income, it's important to keep records of your QCD for your financial documentation and tax preparation.
Please consult with your financial, tax and/or legal advisor before making any decisions or changes and to understand how a QCD might impact your personal tax situation and align with your philanthropic goals.
Thank you for your support of Community Resource Center! Your generosity makes a real difference in the lives of those we serve.