charitable giving over age 70
Tax-Smart Giving
For those age 70 1⁄2 or older, please consider making a tax-smart gift through a Qualified Charitable Distribution (QCD) from your IRA, also known as a charitable IRA rollover. The QCD allows a donor to instruct their IRA administrator to send up to $100,000 per year—all or part of their annual required minimum distribution (RMD)—to a charity, such as the Duniway Foundation. And couples who submit tax returns with married filing jointly status each qualify for an annual QCD of up to $100,000.
A Win-Win
This tax-smart way to give to Duniway is a win-win for you – the donor – and for Duniway. Because the IRA assets go directly to charity, donors don't report the QCD as taxable income and don't owe any taxes on the QCD. In addition, a QCD allows a donor to receive a tax benefit from a charitable contribution even if the donor does not itemize deductions. This is the result of the QCD being excluded from taxable income.
Ask Your IRA Administrator
Please reach out to your IRA administrator (Fidelity, Vanguard, Schwab Charitable, etc.) to learn more about how you can make a QCD gift to Duniway Foundation or any of the organizations you care about.