Qualified Charitable Distribution Can Be a Tax-Efficient Way to Donate Money to Charity
The Community Food Bank of Citrus County (CFBCC) is honored when an individual or business chooses to make a donation to support our organization. All donations to the CFBCC are tax deductible; however, some forms of donating may carry added benefits. One type of donation to consider, especially for end-of-year giving, is a Qualified Charitable Distribution (QCD). A charitable organization can also receive investments as gifts.
“Our donors are our lifeline. Without the generosity of the community, we would never have been able to keep our pantries full during the unique challenges of this past year,” explains Barbara Sprague, Executive Director of the CFBCC. “QCD is just one way individuals can make a difference in their community while enjoying an added tax benefit. It’s a win-win for everyone!”
If you still need to make your required minimum distribution (RMD), contact your tax professional to see if a QCD can be put toward the year-end total required to avoid an excise tax penalty. To make a QCD or to gift another type of investment to the CFBCC, please contact either Barbara Sprague – firstname.lastname@example.org or your investment adviser.