Qualified Charitable Distributions:
The Qualified Charitable Distribution (QCD) is an excellent way to show your support for The Diaper Bank of CT and receive tax benefits in return. As you plan your required minimum distributions (RMD), consider using your IRA account to make the most of your charitable giving.
It’s important to consider your tax situation before deciding whether to make a charitable contribution from your IRA. Be sure to share this gift plan with your financial advisor.
To qualify:
- You must be 70½ or older at the time of gift.
Distributions must be made directly from a traditional IRA account by your IRA administrator to The Diaper Bank of CT. - Gifts must be outright, meaning they go directly to The Diaper Bank of CT.
- Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.
- Gifts from 401k, 403b, SEP and other plans do not qualify. Ask your financial advisor if it would make sense for you to create a traditional IRA account so you can benefit from an IRA Qualified Charitable Distribution.