Additional Information for Donors

The IRA Gift – Doing Good While Saving Taxes

The increase of the standard deduction in the tax act passed at the end of 2017 resulted in far fewer taxpayers itemizing their deductions, eliminating the tax savings for charitable donations for those non-itemizing donors. But there is good news for donors 70 ½ or older. The “Qualified Charitable Distribution (QCD), sometimes called the “IRA Charitable Rollover,” can provide you the same tax benefit as an itemized deduction for those who no longer itemize because QCD gifts are not included in your income.

If you have included the CFMC in your estate plans and would like to be part of the Legacy Society, please let us know so we may recognize your generosity.