Using your IRA for Tax-Saving Charitable Gifts

The Custer County Foundation can help turn your individual retirement accounts (IRAs) into tax-saving charitable gifts. Extended tax benefits allow more people to experience the joy of giving during their lifetime.

A Qualified Charitable Distribution (QCD) is a distribution from an Individual Retirement Account (IRA) that allows taxpayers who are over the age of 70½ to give up to $100,000 directly to a non-profit organization without having to count the distribution as taxable income. You can use your Required Minimum Distribution (RMD) to make a QCD to a local charity such as the Custer County Foundation. Such rollover payments apply toward RMDs and do not add to income. Giving is one of life’s pleasures; the Custer County Foundation can help you enjoy it today.

The Custer County Foundation can connect you to the causes you care about most. You can set up a charitable fund in your name or make an unrestricted gift. By giving through your community foundation, you can use your gift to meet ever-changing community needs—including future needs that often cannot be anticipated at the time your gift is made. Your gift can target the causes and programs that mean the most to you.

The Custer County Foundation understands our community’s most pressing issues and can help you establish a fund to make an impact in areas of need or opportunities that are important to you. Here are three great ways to turn your IRA into community good:

Major Impact Grant Fund—Meeting ever-changing community needs.

Address a broad range of current and future needs. Custer County Foundation evaluates all aspects of community well-being, arts and culture, community development, education, environment, health and human services, and awards strategic grants to high-impact projects and programs.

Field of Interest Fund—Connecting personal values to high-impact opportunities.

A Field of Interest fund allows a donor to establish a fund that addresses issues of specific interest to them: youth welfare, rural education, recreation, a specific community, and more. The donor puts the grant making parameters in place and the Custer County Foundation awards the grants based on the donor’s parameters.

Designated Fund—Helping local organizations sustain and grow.

A Designated Fund could be set up to make annual or periodic grants to a list of charities pre-determined by the original donor. The complete parameters for grant making must be determined at the time the fund is established. After that point, donor involvement is limited.

To learn more, contact the Custer County Foundation at 308-872-2232.