END OF YEAR IRA GIVING
Here are a few important details:
- The gift must be sent directly from your IRA administrator to NCJW/CLE. (If you are sending a gift this way, please let us know so that we will be sure who the gift is from. The companies that hold these funds will not always tell us who made the gift.)
- You will not qualify for a charitable income tax deduction, but you may exclude the amount of your QCD from your gross income for federal income tax purposes. The amount donated will not be included in your taxable income.
- Once you turn 73 years old, a QCD can fulfill all or part of your required minimum distribution (RMD) for the year.
- Gifts must be made to a charity or charities qualified under Sections 509(a)(1) and 170(b)(1)(A). They cannot be made to a donor-advised fund.
- You must be age 70½ or older on the date the IRA charitable distribution is made.
- The amount donated annually from one or more IRAs cannot exceed $100,000 per individual for outright gifts and $50,000 for gifts to establish a charitable gift annuity or charitable remainder trust.
- Gifts from a traditional or Roth IRA qualify, but not gifts from a 401(k), 403(b), SEP, and other retirement plans.
- State tax benefits vary with such gifts.
Giving at Year End
To qualify as a gift in this calendar year, it must be delivered to NCJW/CLE by your IRA administrator on or before December 31 (if sent by mail, the postmark will determine the delivery date; if sent electronically, this is the date the gift reaches NCJW/CLE account).*
*Please Note: If you have check-writing privileges on your IRA account, please allow sufficient time for NCJW/CLE to receive and process your intended gift, especially at calendar year end. If you have IRA check-writing privileges, we recommend that you mail your check no later than December 20.
As always, this should not be construed as legal or financial advice. Please consult your tax professional about what works the best for you.
If you would like information about other ways to support NCJW/CLE, please contact Executive Director Mindi Axner, firstname.lastname@example.org, or Fund Development Vice President Char Rapoport Nance, email@example.com. Thank you!
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