Ways to Give
Make a gift through your IRA
Your retirement plan benefits are likely a significant portion of your net worth. Due to special tax considerations, you could use your plan to make a current gift. An IRA charitable rollover, also called a Qualified Charitable Distribution (QCD), from an Individual Retirement Account (IRA) helps you donate funds without counting them as income.
NEW FOR 2020: While the CARES Act eliminated the required minimum distribution for 2020, it allows individuals to deduct up to 100% of their adjusted gross income (AGI) for charitable cash contributions. This effectively affords individuals over 59½ years old the benefits similar to a QCD.
For the remainder of 2020, you can take a cash distribution from your IRA, contribute the cash to the community college of your choice, and offset the tax attributable to the distribution by taking a charitable deduction in an amount up to 100% of your AGI.
As with all charitable giving, we encourage you to seek guidance about your specific circumstances with your financial or tax advisor.
The IRS also provides additional useful information about Qualified Charitable Distributions on its website.