IRA Charitable Gifts To Benefit Cave Creek Canyon
Individuals age 70.5 and older can donate their IRA mandatory annual distribution or even more each year from their IRAs to Friends of Cave Creek Canyon without counting the distribution as income.
The ability to make this gift directly from IRA accounts is now a permanent part of the U.S. tax code. The gift amount counts toward your Required Minimum Distribution (RMD), and your taxable income is lowered by the amount of your qualified charitable distribution (QCD). Gifts must be completed before December 31 to be eligible in the current tax year.
Important points to consider: You must be at least age 70½.
- The gift should come directly from your IRA account, in the form of a check.
- The gift may come from a Traditional or a Roth IRA (special exclusions may apply to other types of IRA accounts).
- Although there is no tax deduction, there is NO income tax on the withdrawal.
What are the advantages?
- Benefit FOCCC's work in a meaningful way today.
- Meet your Required Minimum Distribution (RMD).
- Pay no income tax on the amount withdrawn for your gift.
How do I give? Please have your IRA plan administrator send a check to:
ATTN: Office of Gift Planning, FOCCC, PO Box 16126, Portal, AZ 85632
Accompanying paperwork should identify (1) your name and address, and (2) whether your gift is intended for a specific program or for Friends of Cave Creek Canyon's general programs.
FOCCC's Tax ID # is 27-3531633
FOCCC and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisers before engaging in any transaction.