Take Advantage of Your IRA, and Save on Your Taxes
What is a Qualified Charitable Contribution (QCD)?
- It can be a savvy planning technique allowing you to make tax-free distributions from a traditional or inherited IRA directly to a charity (or to the EWVCF) once you reach age 701/2.
- It can be a tool to reduce your taxable income, you can make a gift to your favorite charity, AND, these contributions count toward any required minimum distributions you may have for the year.
What else should I know?
- Donors cannot deposit their distribution and then write a check to charity-it must be made directly from the trustee of the IRA to the charitable organization.
- QCDs can support any public charity, including the Eastern West Virginia Community Foundation, which is a 501(c)(3).
- QCDs cannot support a fundholders own donor advised fund, but it can support or create designated, scholarship, or field-of-interest funds.
Download this list of charitable organizations that have endowed funds at the Eastern West Virginia Community Foundation and are eligible to receive QCDs.
**Always consult your tax and financial advisor to see if this is applicable to you.