Charitable Distribution from an IRA
Did you know you can make a gift from your IRA to reduce your taxable income while supporting BLT?
If you are 70½ or older, you can make a Qualified Charitable Distribution of up to $100,000 a year directly from your IRA to Barnstable Land Trust. Your gift will be put to use today, allowing you to see your impact directly. Contact your IRA Custodian to make your request for a QCD made directly to BLT.
What is a Qualified Charitable Distribution (QCD)?
A QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met.
In addition to the benefits of giving to charity, a QCD excludes the amount donated from taxable income, which is unlike regular withdrawals from an IRA. Keeping your taxable income lower may reduce the impact to certain tax credits and deductions.
Also, QCDs don't require that you itemize, which due to the recent tax law changes, means you may decide to take advantage of the higher standard deduction, but still use a QCD for charitable giving.
QCD Requirements:
You must be 70½ or older to be eligible to make a QCD.
The maximum annual amount that can qualify for a QCD is $100,000. This applies to the sum of QCDs made to one or more charities in a calendar year. If you file taxes jointly, your spouse can also make a QCD from his or her own IRA within the same tax year for up to $100,000.
For a QCD to count towards your current year's RMD, the funds must come out of your IRA by your RMD deadline, generally December 31.
Donors may receive no goods or services in return for their contributions and must obtain written documentation of their contribution from each recipient charity.
How do I make a QCD?
Contact your IRA Custodian to request a QCD be made to Barnstable Land Trust for a specific dollar amount. Your administrator may need Barnstable Land Trust’s mailing address: 1540 Main Street, West Barnstable MA 02668. The IRA custodian will distribute the check directly to BLT and we will notify you that we have received it.
Questions? Please contact Kelsey Ellis at kelsey@blt.org or 508-771-2585 x103
