QCD & Charitable Donations
Do you have an IRA, and do you give to CBTBI? Save big on taxes with a QCD!
If you (or a loved one):
- Utilize an individual retirement account (IRA), and…
- Are aged 70 1/2 years young or up, and…
- Make donations to CBTBI…
…then read on to learn about a valuable planned giving option called a qualified charitable distribution (“QCD;” also known as an IRA Charitable Rollover) that can help CBTBI finances.
Here’s how it works:
When donating to CBTBI, consider directing a payout straight from your IRA to CBTBI because you will attain some worthwhile benefits, including:
- Avoiding taxes on transfers of up to $100,000 from your IRA to our 501(c)(3) organization
- Making a gift that is not subject to the deduction limits on charitable gifts
- Having the donation count toward your required minimum distribution (when you reach age 73) for the year, thus lowering your taxable income.
Bonus Tip #1: You can designate CBTBI as a beneficiary of your IRA to initiate an after-lifetime gift. Your gift will be added to CBTBI’s Life & Legacy endowment fund so you may build your Jewish legacy for future generations.
Bonus Tip #2: Use QCD to pay your dues!
A note to keep in mind:
- Your QCD should occur before making withdrawals to satisfy your RMD due to the “first money out” rule. As you withdraw from your IRA, whether for charitable purposes or your personal income, that reduces your RMD amount for the year, so it helps to plan ahead to ensure your charitable distributions count for your RMD if that is your intention.
Interested in more information about QCDs? Contact Art Shapiro (phone 856-740-0081, email ashapdee@msn.com text 856-562-1419).
Thank you and happy giving!
The Many Faces of CBTBI
