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If you are 70½ or older, you may be interested in a way to lower the income and taxes from your IRA withdrawals. You can do this while also supporting local Catholic ministries through endowments at the Foundation! While the age of Required Minimum Distributions has increased to 72, you can still begin using your retirement plan to donate to charity at 70½!
The new tax law might mean that you no longer itemize deductions. A distribution from your retirement account directly to charity might save you significantly on your taxes!
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RMD, QCD – What does it all mean?
RMD – Required Minimum Distribution
Your Required Minimum Distribution is the amount that you are required to withdraw from your retirement account once you turn 70 1/2 years old.
QCD – Qualified Charitable Distribution
A transfer from your IRA directly to charity (up to $100,000) that satisfies your RMD.
Where can I direct my QCD?
You can direct your QCD to any 501(c)3 charity that is eligible to accept deductible contributions. The great thing about donating to the Foundation is that we hold endowments for parishes and Catholic ministries all over the Diocese so you can make one QCD to the Foundation but we can split that gift up between different endowments!
You CAN direct your QCD to:
- A Family Endowment which directs grants to organizations of your choice. You can choose to build up donations over a number of years before issuing any grants from the endowment.
- An endowment for your Parish, School, or other Catholic organization
- An endowment for an area of Catholic ministry, like Parish Outreach or Catholic Education
- The unrestricted fund at the Foundation which supports our work promoting endowments, legacy giving, and philanthropy throughout our community
You CANNOT direct your QCD to:
- A Donor Advised Fund
What is the benefit of doing a QCD? Can’t I just take the money, pay taxes on it, then get the deduction when I donate to charity?
That strategy worked in previous years, but the new tax laws will change who can itemize deductions, especially people who no longer have a mortgage. Under the new tax law, many seniors will not reach the $12,000 minimum for personal deductions ($24,000 for couples filing jointly).
If you won’t have enough deductions to reach the new minimum and you don’t need all of your RMD as income, you can direct your RMD directly to a charity to avoid paying taxes on it.
Be sure to talk to your financial advisor about this strategy so that you don’t take a distribution and pay taxes on it only to realize that you can no longer itemize your deductions!
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The Benefits of a Qualified Charitable Distribution
- You can take advantage of the tax benefits of giving to charity even if you won’t be itemizing
- You don’t pay taxes on the money you direct to charity from your IRA up to $100,000
- It’s simple! Just give your IRA administrator the Foundation’s information (see below) and how much you’d like to donate
and most importantly - You will help further the work and mission of the organization you love
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Your QCD Makes a Big Impact for our Catholic Community
Qualified Charitable Distributions CANNOT be directed to Donor Advised Funds. They CAN be directed to any endowment at the Foundation, including Family Endowments!
An endowment is a permanent fund for an organization or a particular purpose. Endowments grant once a year FOREVER to support the organization or ministry that is designated by the fund. The Foundation manages endowments for Catholic organizations all over the Diocese of San Jose including:
- Parishes
- Catholic Elementary Schools
- Departments of the Diocese (Catholic Education, Vocations, etc.)
- Areas of Work (Parish Outreach, Parish Stewardship, etc.)
You can direct your QCD to any endowment at the Foundation. You can also use your QCD as part of your strategy to fund a Family Endowment.
Contact us with questions at 408-995-5219 or info@catholiccf.mmediaweb.com
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Our Information
Your IRA custodian (or plan administrator) may need the following pieces of information:
- Our Name: Catholic Community Foundation of Santa Clara County
- Mailing Address: 777 North First Street, Suite 490, San Jose, CA 95112
- 501c3 Non-profit Tax ID: 83-0400149
- Name of the Endowment you are donating to
- Our contact information (in case they want bank information for a wire instead of mailing a check) is (408) 995-5219 or info@catholiccf.mmediaweb.com
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