Did you know? If you are 70½ or older you can make a gift directly from your IRA to Poolesville Seniors. This giving option is also commonly called a qualified charitable distribution (QCD). (Hyperlink this to the detail web page)
In a year when you are required to take a minimum distribution, your donation can satisfy all or part of your required minimum distribution (RMD). The amount you donate as part of your RMD is not taxable.
If you have reached the age of 70 ½ you can make Qualified Charitable Distribution donations from your IRA instead of making donations from your cash and savings with no tax burden for drawing on IRA funds.
How does it work?
An IRA owner can make up to $100,000 in charitable gifts to 501(c)(3) nonprofit organizations such as Poolesville Seniors without having to pay income taxes on the distribution. The transfer must be made directly from the IRA to the charity crediting you as the donor. Funds drawn by you from the IRA and then passed on to the charitable organization are taxed as a withdrawal from the IRA. The direct transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. This law no longer has an expiration date, so you are free to make annual gifts this year and in the future.
What do I receive in return?
You will be supporting Poolesville Seniors in its work to provide free programming to keep all seniors mentally, socially, and physically active. At the same time, you receive a tax benefit, even if you take the standard deduction. This allows you to make a gift from your most highly taxed asset without impacting your current spending. And your gift may go towards all or part of your required minimum distribution.
How do I get started?
We encourage you to check with your financial advisor, tax advisor, or your IRA provider before making a QCD request. Once you decide to make this type of donation, provide them the following information:
Legal Name: Poolesville Area Senior Center Inc.
EIN/Federal Tax ID: 81-2272507
Address: P.O. Box 264, Poolesville, MD 20837
We also encourage you to contact us when you’ve made the request for the donation. Most IRA providers will notify us who is making the donation, but just in case, we’d like to make sure you’re credited and thanked.
Important: This information is intended to provide general gift planning information. Please consult your legal, tax, or financial advisors before making a gift.