IRA Qualified Charitable Distribution
If you have a charitable cause that you really value, and you are over 70½, a Qualified Charitable Distribution (QCD) offers a tax efficient giving opportunity. A QCD permits IRA account owners to make direct charitable contributions of up to $100,000 annually.
Additionally, this strategy won’t bump up your adjusted gross income. Therefore, a QCD is one way to be charitable and reduce taxes.
As with any donation, please check with your IRA custodian so they can work directly with the HCEF to conduct the transfer. You always want to make sure you are following the correct steps.
Donor Advised Funds
Donor Advised Funds are becoming a very popular option that individuals are utilizing for their personal philanthropic desires. These may be a bit more complex and they are generally set up with a financial institution that operates Donor Advised Funds.
Making donations to a Donor Advised Fund account allows you to receive immediate tax benefits from your contribution while allowing your gift to be distributed according to your own timetable.