If you are 70 1/2 years old or older, did you know you can make a qualified charitable distribution (QCD) up to $100,000 total to one or more charities directly from a taxable IRA instead of taking their required minimum distributions? As a result, you may avoid being pushed into higher income tax brackets and prevent phaseouts of other tax deductions, though there are some other limitations.
Qualified charitable distributions are made directly to the eligible charity from a traditional IRA, inherited IRA, inactive Simplified Employee Pension (SEP) plan and inactive Savings Incentive Match Plan for Employees (SIMPLE) IRAs. (Inactive SEP and SIMPLE IRAs are accounts that no longer receive employer contributions.)
The money is a direct transfer that never passes through the hands of the IRA holder. Instead, the IRA custodian can either send a check directly to the charity or the account owner, who then hands it over to the charity.
For a QCD to count toward your minimum annual IRA distribution, it must be made by the same deadline as a normal distribution, which is usually Dec. 31 of the tax year in question. Please consult with your investment folks for more information and consider making a QCD to OutCenter Southwest Michigan!
We have so much we want to do here-please donate today and for the future
We wouldn’t be here without you. Your support helped us get to where we are: better positioned to serve more people and create inclusive and caring communities in Southwest Michigan.
Now more than ever we need your continued support to ensure that all of our programs and resources are the best they can be. Please consider either a one-time gift, or a recurring month donation to the OutCenter. We are committed to to creating inclusive and rich diversity across our area, where LGBTQ+ are included and contributing members of the economy and so much more:
- 1st Inclusive Nondiscrimination Ordinance in the area (March 2019, Seat of Berrien County – Saint Joseph)
- 422 inclusive and equitable policies & practices promoted, modified, enacted in 2020
- 11,454 youth of all identities in elementary through college age students were positively impacted from our work with schools in 2020
- 282 family members & school staff received assistance, saving lives and relationships, in 2020
- 76 partner organizations were organized to provide more robust and equitable responses to the needs of youth in 2020
Our work had been recognized by State-wide organizations and celebrated, most recently, with the Martin Luther King, Jr. Diversity Award from Lake Michigan College. This is an annual award given to an organization that has excelled, in part, at “fostering understanding across cultural differences, provides extraordinary services in support of fostering and maintaining a culturally rich proficient community.