We are helping adults 70 1/2 years or older use their Individual Retirement Account (IRA) for charitable giving in a unique way.
With a single distribution to Community First Foundation, you can support multiple nonprofits through ColoradoGives.org. The transaction incurs no federal income tax, providing the full amount to charity and tax advantages to the donor.
IRS rules require adults who are 72 years or older to take minimum distributions (RMDs) each year from their tax deferred retirement accounts. Although withdrawals for personal spending are subject to income tax, qualified charitable distributions are not. Individuals can direct up to $100,000 per year from their IRA to a qualified charity.
This popular gift option is commonly called the IRA charitable rollover, but it’s also referred to as a qualified charitable distribution, or QCD for short. The timing is great since the SECURE Act preserved the ability to make a QCD at the age of 70 ½ even though the RMD was bumped to age 72. Of course, donors should seek the advice of their financial advisors.
Community First Foundation takes the IRA giving option one step further. After receiving the charitable distribution, we provide a Giving eCard in the full distribution amount. This eCard can be used any time of the year to support nonprofits featured on ColoradoGives.org, our online giving website.Frequently Asked Questions
Step 2. Complete the IRA Distribution Request Letter and provide to your IRA plan administrator.
Giving Card Expiration Date
ColoradoGives Giving Cards provided to you between January – November must be redeemed on ColoradoGives.org in the same calendar year. Distributions received in December will receive a Giving Card that can be redeemed by the end of the following calendar year.
If you do not use your Giving Card by the expiration date, the unused dollars will be redirected to Community First Foundation’s unrestricted fund and used for an area of need.