The IRA Gift (QCD)
Here is a tax-smart way to make an impact to Community Foundation for Monterey County using your qualified retirement plan. The IRA charitable rollover (also called the Qualified Charitable Distribution, or QCD) is a great way to make a tax-free gift to Community Foundation for Monterey County and satisfy your Required Minimum Distribution.
How Do I Qualify?
- You must be 70 ½ years or older at the time of the gift.
- Gifts must go directly from your IRA to Community Foundation for Monterey County.
- Gifts must come from a traditional IRA or Roth IRA account.
- Gifts cannot exceed $100,000 per donor.
Benefits of an IRA Charitable Rollover Gift
- Gifts can satisfy your RMD without increasing your income taxes.
- You will not pay taxes on your IRA withdrawal when given to Community Foundation for Monterey County.
- You may direct your gift to a program or area of your choice.
- It is a wonderful way to create an immediate impact on Community Foundation for Monterey County.
How can I make a charitable IRA rollover?
- Your IRA administrator can help you make a Qualified Charitable Distribution from your IRA. Be aware that many administrators require you to use their QCD distribution form and comply with other requirements. Please note that it is important to follow your financial institution’s forms and procedures to ensure you receive the tax benefits of a QCD.
Vice President of Philanthropic Services