Your IRA can provide a tax-smart way to make an impact through the Community Foundation Tampa Bay now. The Qualified Charitable Distribution or QCD (sometimes called an “IRA Charitable Rollover”) is a great way to make a tax-free gift now to a nonprofit you care about through an endowment fund at Community Foundation Tampa Bay that benefits that organization and satisfy your Required Minimum Distribution (RMD), too.
How Do I Qualify?
The Qualified Charitable Distribution (QCD) offers multiple benefits for making gifts from your IRA.
- You must be 70½ years or older at the time of the gift.
- Gifts must go directly from your IRA to Community Foundation Tampa Bay for the endowment fund.
- For 2024, total QCD gifts cannot exceed $105,000 per donor.
Benefits of Qualified Charitable Distribution
- If you don’t itemize your income tax deductions, a QCD offers all of the benefits of an itemized income tax charitable deduction
- If you are age 73 or older and must take a Required Minimum Distribution RMD, a QCD gift can satisfy your RMD without increasing your income taxes.
- You may direct your gift to the endowment fund benefiting the organization you want to support.
- It is a wonderful way to create an immediate impact for your favorite charitable cause.
How Can I Make an IRA Charitable Rollover?
Contact your IRA administrator to request a Qualified Charitable Distribution from your IRA to to a named endowment fund at Community Foundation Tampa Bay.