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Making a QCD provides an opportunity to make a charitable contribution that you might otherwise not have been able to make and/or receive potential tax benefits for charitable contributions that you are already making. You should consult your tax advisor and estate planning attorney about your situation.

Park View Community Mission does not provide tax or legal advice.

For more information, please call our office at 434-845-8468, extension 100

Key Benefits

  • For those who give larger gifts - Deductibility limits do not apply to QCDs, which means the QCD can be made in addition to other charitable contributions that may be limited by the annual maximum deductible percentage of income or phase-outs of itemized deductions

  • For those who don't itemize deductions - If QCDs are used as the funding source for charitable donations, the donor will receive tax benefits when there otherwise would have been none due to the use of the standard deduction.

  • For those who pay taxes on a portion of their Social Security benefits - Income for determining the taxation of Social Security benefits is lower than if the IRA holder had taken the RMD, potentially reducting this taxation.

Limitations on Distributions

Restrictions set on QCDs include the following:

  • $100,000 maximum per person per year

  • Distributions transferred to the charity no later than December 31 of the current tax year

  • Must be a direct IRA distribution from the IRA custodian or trustee to a qualified charity

  • Not all charitable organizations qualify (but Park View does)

  • Applicable only for traditional and Roth IRA distributions (excludes SEP and SIMPLE IRAs)

Tax-wise Giving

A Qualified Charitable Distribution (QCD) allows an individual to make a donation directly from a traditional or Roth IRA to a qualified charity like Park View Community Mission. This is especially attractive because the QCD can be used to satisfy required minimum distributions (RMDs) from an IRA without having the distribution included in your income.

Eligibility

A qualified charitable distribution may be made:

  • When the IRA holder is age 72 or over

  • Directly from the IRA to a qualified charity.

  • From a traditional or Roth IRA

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