Give more today for less. Consider a TAX-FREE IRA charitable rollover gift.
The IRA charitable rollover (also known as a qualified charitable distribution or QCD) is now permanent tax legislation that provides retirees an incentive to give to a charity during their lifetimes and avoid income tax normally due upon IRA withdrawals.
HERE’S HOW IT WORKS:
- You must be 70½ or older when you make a gift and the gift must be made from a traditional or Roth IRA—no other retirement plans qualify (such as 401(k), 403(b), SIMPLE or SEP accounts).
- You choose how much you want to contribute up to $100,000 in each year. This limit is per taxpayer. Thus, a husband and wife can each give up to $100,000 from separate IRA accounts.
- Distributions must be made directly to WCFR and completed by December 31 of each tax year.
- The IRA charitable distribution is not included in your taxable income and consequently there is no charitable deduction available. Transfers also count toward your required minimum distribution.
- The IRA charitable distribution may be used to fulfill a pledge.
- The IRA charitable distribution cannot be used to fund a charitable remainder trust or charitable gift annuity and cannot be made to a private foundation, donor advised fund or supporting organization.
- WCFR may not provide any goods, services or benefits in return for the contribution.
If you are planning to make a qualified charitable distribution to WCFR from your IRA, please let us know in advance so we can ensure your gift is designated and receipted properly.
TAX-FREE IRA CHARITABLE ROLLOVER INSTRUCTIONS:
- Contact your IRA administrator and request they make a qualified charitable distribution from your IRA directly to Women & Children’s Free Restaurant & Community Kitchen. The distribution must be made before December 31 in order to qualify for the tax year.
- Request your IRA administrator issue the check payable to Women & Children’s Free Restaurant & Community Kitchen (Tax ID# 91-1399742) and mail it directly to:
Women & Children’s Free Restaurant & Community Kitchen
1408 North Washington Street
Spokane, WA 99201
In addition, request they include your name with the transmittal as the donor of record in connection with the transfer.
Please check with your financial advisor to determine if making an IRA charitable rollover distribution (QCD) is appropriate for you. For gifts of stocks or securities, please call Lisa Diffley at 509-324-1995 for assistance.