Qualified Charitable Distributions, or “QCDs,” have been in the news a lot lately, especially in light of proposed SECURE Act 2.0 legislation that passed the House of Representatives in March and is now pending in the Senate.

Through a QCD, starting at age 70½, you can instruct the administrator of an IRA to direct up to $100,000 per year to a qualified charity. This helps your tax situation because you do not need to report the amount of the QCD as taxable income.

Here are four important reminders about QCDs:

  • Even though the SECURE Act changed the Required minimum Distribution (RMD) age to 72 from 70 1/2, the QCD age is still 70 1/2.
  • QCDs cannot be made to donor-advised funds, but you can set up a field-of-interest or unrestricted fund at the community foundation to receive a QCD.
  • Under a version of the proposed SECURE Act 2.0 legislation, QCDs would be indexed for inflation. In addition, proposed legislation would you to make a one-time QCF of up to $50,000 to a charitable remainder trust or other split-interest entity.
  • Finally, be sure to coordinate your QCDs with your Required Minimum Distributions. Proper planning will help avoid troublesome tax pitfalls

Please reach out to the team at the Winona Community Foundation to learn more about QCDs to help you establish a fund to support financial and tax goals as well as charitable giving goals.

The Winona Community Foundation offers a range of charitable options and funds for individuals, families, businesses, and nonprofits to accomplish their philanthropic goals. As your trusted partner, resource, and steward for community philanthropy, the Winona Community Foundation is committed to helping every individual give back in a way that is both meaningful to them and to the causes they care about.

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Nancy Brown, CFRE

These funds are broad in purpose and allow donors to target their giving to reflect a passion for a particular cause or area of interest. Examples include but are not limited to education or the environment. The Board of Directors of the Winona Community Foundation is responsible for making grants to charities that align with the field of interest. You may choose this type of fund to focus your giving and to encourage others to give to your field of interest.

The Winona Community Foundation wants to partner with you to help your clients meet financial and charitable goals by serving as a resource for professional advisors. We offer resources and opportunities to learn about philanthropy. Our education is designed with you and your clients in mind.

Nancy Brown, CFRE, President/CEO is available to consult or work with you on estate and gift planning.