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Consider a Qualified Charitable Distribution (QCD) to JGSCO

If you have a traditional IRA then federal law normally requires you to withdraw money from that account(s) when you are 72 years old and older. This is called a Required Minimum Distribution (RMD) and RMDs are generally considered taxable income. There is a way to directly transfer funds from your Traditional IRA to a 501(c)3 organization like JGSCO which excludes the donated amount from your taxable income while benefiting JGSCO. This is called a Qualified Charitable Distribution, or QCD.

The following information comes from an IRS website that addresses IRA Withdrawal FAQs as of May 2021. Be sure to visit the IRS' website for latest information.

Disclaimer

JGSCO does not offer financial advice and it is possible content on this web page is out of date. JGSCO is not liable for any information on this web page that may be incorrect. Be sure to verify financial advisability for your personal situation as well as  current tax rules and processes before making a QCD. Additional information can be obtained from your tax advisor, financial advisor, and / or the financial institution that holds your IRA. You can also review online guidance on the IRS' web site. Please do not contact JGSCO for assistance regarding your financial matters.

What is a qualified charitable distribution?

Generally, a qualified charitable distribution is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or over that is paid directly from the IRA to a qualified charity. See IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs) for additional information.

Can a qualified charitable distribution satisfy my required minimum distribution from an IRA?

Yes, your qualified charitable distributions can satisfy all or part the amount of your required minimum distribution from your IRA. For example, if your 2018 required minimum distribution was $10,000, and you made a $5,000 qualified charitable distribution for 2018, you would have had to withdraw another $5,000 to satisfy your 2014 required minimum distribution.

How are qualified charitable distributions reported on Form 1099-R?

Charitable distributions are reported on Form 1099-R for the calendar year the distribution is made.

How do I report a qualified charitable distribution on my income tax return?

To report a qualified charitable distribution on your Form 1040 tax return, you generally report the full amount of the charitable distribution on the line for IRA distributions. On the line for the taxable amount, enter zero if the full amount was a qualified charitable distribution. Enter "QCD" next to this line. See the Form 1040 instructions for additional information.

You must also file Form 8606, Nondeductible IRAs, if:

  • you made the qualified charitable distribution from a traditional IRA in which you had basis and received a distribution from the IRA during the same year, other than the qualified charitable distribution; or
  • the qualified charitable distribution was made from a Roth IRA.

What do financial institution have to say about QCDs?

Here is a sample of information available from popular financial firms:

Other Considerations

  • Reminder you must be 70½ to make a QCD per rules in effect as of May 2021.
  • The physical QCD check must originate from your financial institution and be sent directly to JGSCO.
  • While direct deposit of QCD funds is allowed by the IRS, JGSCO is not ready to accept funds this way. We will update this web page when direct deposits are accepted.
  • Ask your financial financial institution to send a check to JGSCO at the address below. Some financial institutions utilize online forms to accomplish this.
  • Be sure to request your financial institution to include your name and address on the check sent to JGSCO else it may be difficult to apply funds to the right account and / or send you an acknowledgement.
  • Be sure to add a comment to your financial institution's QCD request form stating what the money is for, such as dues or donation. If you are making a donation in honor of or in memory of someone then be sure to let us know about the circumstances and who should be notified.
  • If you need to communicate with JGSCO about the QCD or its intent then please send an email to treasurer@jgsco.org.

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Jewish Genealogical Society of Colorado
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JGSCO is a 501(c)3 non-profit organization.