QUALIFIED CHARITABLE CONTRIBUTIONS
FOR DONORS 70 ½ years of age or older
MAXIMIZE YOUR IMPACT ON THE FEMINIST FRONT LINE WITH A GIFT THAT GIVES BACK
You may have a tremendous tax-free philanthropic opportunity available if: 1) you have celebrated your 70th birthday and 2) have a passion for restoring, protecting, and advancing the sex-based rights of women and girls!
This method of giving is a helpful way to lower your annual gross income and reduce your tax liability by making donations directly from your individual retirement account (IRA).
What is a Qualified Charitable Distribution (QCD)?
A direct transfer of funds from your IRA custodian, payable to an IRS-qualified 501(c)(3) charity, such as WoLF.
What are the benefits of choosing a QCD as your next gift?
Tax Efficiency: QCDs can satisfy your Required Minimum Distributions (RMDs) for the year, potentially reducing your taxable income, even if you don’t itemize deductions.
Maximized Donations: By reducing your taxable income, you can increase the actual amount that goes towards supporting our legal and policy advocacy programs, at no additional cost to you.
Simplified Giving: QCDs provide a straight-forward way to give, eliminating the need to manage cash transactions and simplifying your records.
Lasting Impact: Your QCD will directly empower our fight to liberate women from all forms of sex-based oppression!
Here’s the information about WoLF you will need when initiating a QCD from your IRA:
Legal Name: Womens Liberation Front
Mailing Address: 1802 Vernon St NW, #2036, Washington, DC 20009
Tax Identification Number: 81-3249020
IRS Tax-Exempt Status: Nonprofit 501(c)(3)
IRS Public Charity Status: IRC Section 170(b)(1)(A)(vi)
WoLF is qualified to receive tax-deductible bequests, devises, transfers, or gifts under Section 2055, 2106, or 2522.
Required Minimum Distributions
How much does the IRS require be taken from an IRA when someone reaches age 70 ½?
The IRS does not permit retirement funds be held in your account indefinitely. The RMD for each year is calculated by dividing the IRA account balance as of December 31 of the prior year by the applicable distribution period or life expectancy, as set by the IRS. Learn more about RMDs on the IRS website, including worksheets and tables.
What is the maximum QCD amount?
For individuals, the maximum is $105,000 per year—this applies to the sum of QCDs made to one or more charities in a calendar year.
Reporting Qualified Charitable Distributions
How are QCDs reported to the IRS?
On Form 1099-R, charitable distributions are reported for the calendar year the distribution is made. Please check the IRS website periodically to verify the latest guidance on QCDs.
How do I report a QCD on my income tax return?
To report a QCD on your Form 1040 tax return, you generally report the full amount of the charitable distribution on the line for IRA distributions. One the line for the taxable amount, enter ‘zero’ if the full amount was a QCD. Enter ‘QCD’ next to this line. See the Form 1040 instructions for additional information, and periodically check the IRS website for the latest guidance on QCDs.
Note: Any IRA funds distributed directly to you, the IRA owner, and which you then give to charity does not qualify as a QCD. Any amount donated above your RMD does not count toward satisfying a future year’s RMD. WoLF recommends discussing with your financial advisor to see how a QCD could be beneficial for your specific financial situation.