IRA Qualified Charitable Donation (QCD)

Are you 70 ½ with an IRA?

Lower your Tax Burden and help the Channel Islands Maritime Museum

There have been changes in the tax laws that effect income and deductibles, but there still is a way to benefit you AND help your Museum.

The IRA Qualified Charitable Donation (QCD) offers you a great opportunity – the functional equivalent of an income tax charitable deduction even if you don’t itemize.  Because the direct distribution to charity is not included in your income, it is not subject to tax.  And the IRA charitable rollover gift counts toward your annual required minimum distribution.  Keep in mind:

  • You must be at least 70 ½ years old at the time of the distribution.
  • Your IRA custodian must distribute it directly to the Channel Islands Maritime Museum, a 501(c) 3 corporation. EIN 77-0251663
  • It cannot exceed $100,000 per year per individual plan and no goods or services can be received.

 

 

 

The material presented here is intended as general information and should not be interpreted as legal, financial, or tax advice. Please consult with your attorney, tax advisor, and/or financial planner to discuss your individual situation.