Using Qualified Charitable Distributions (QCDs) to support the VNA & Hospice Foundation
Every day, people of all ages use services provided by the Visiting Nurse Association of the Treasure Coast (VNA). Last year, with philanthropic support they were able to provide $3,423,854 in support of our many programs and services including VNA Hospice and the VNA Mobile Health Clinic. How can you help?
Did you know that at the age of 70 ½ or older you can take advantage of what is known as a Qualified Charitable Distribution (QCD) or IRA Charitable Rollover AND help the VNA to continue providing quality care in our communities?
While you can start taking distributions from your Individual Retirement Accounts (IRA) as early as age 59 ½, by law you are required to do so beginning at age 73. Normally, these distributions are subject to income taxes. In 2015 Congress made permanent, the IRA Charitable Rollover provision which allows you to donate up to $100,000 ($200,000 per couple) per calendar year from your IRA directly to the VNA once you have reached 70 ½. Bonus, these QCDs, are not considered taxable income when made directly from your IRA to the VNA.
There are some rules to remember when considering a gift from your IRA.
- You must be 70 ½ at the time of distribution for this to qualify as a tax-exempt gift.
- You must make the gift directly to the VNA from the IRA account, if you transfer the funds to your personal account and then send it to the VNA this will be considered taxable income.
- With the recent passing of the Legacy IRA Act, you may now take a one-time election for a qualified charitable distribution of up to $50,000 (without being taxed) from your IRA to fund a Charitable Gift Annuity (CGA). Some limits apply, so contact Maurika Reed for more details at Mreed@vnatc.com or 772-978-5574.
- A QCD may reduce your Adjusted Gross Income (AGI), which can impact Social Security and Medicare premiums.
- A QCD may benefit you if you use the “standard deduction” because you do not itemize, and therefore, do not claim a charitable tax deduction when you give to charities.
- A QCD may be beneficial if you do not need any or all of your Required Minimum Distribution (RMD).
How to make a Qualified Charitable Distribution: If making a Qualified Charitable Distribution is right for you, first contact your IRA administrator to initiate the request. VNA & Hospice Foundation is a 501(c) (3) charitable organization categorized as a supporting organization under section 509(a)(3) of the tax code. All QCD gifts must be made payable to the VNA of the Treasure Coast (59-2664912), a qualified charitable organization. QCD gifts should be mailed to:
VNA & Hospice Foundation
920 37th Place, Suite 101
Vero Beach, Florida 32960
If you have any questions on how you can help support the VNA, please contact Maurika Reed at 772-978-5574 or firstname.lastname@example.org.