Gifts From IRAs

If you (and/or your spouse!) own one or more IRAs, and if you are over the age of 70 1/2, you may be eligible to make distributions from those accounts directly to support the campaign for northern Chautauqua.

To do this, you’ll work with the NCCF team and your advisors to use a tool called a “Qualified Charitable Distribution,” or “QCD.”

A Qualified Charitable Distribution permits you (and your spouse from your spouse’s own IRA or IRAs) to transfer up to $105,000 each year (2024 limit) from an IRA (or multiple IRAs) to a qualified charity, such as The Community Fund at NCCF. So. as a married couple, you and your spouse may be eligible to direct up to a total $210,000 per year (2024 limit) to charity from your IRAs and avoid significant income tax liability. Even better, the annual cap will continue to be indexed for inflation going forward.  

And, if you’ve reached an age when you are required by the IRS to take distributions from your IRAs, these distributions can count toward those Required Minimum Distributions (RMDs), thereby avoiding the income tax hit on those dollars.

To support the campaign, you can use a QCD to make a gift to either The Community Fund or to your own named community fund. In addition, you can name NCCF as the beneficiary to receive all or a portion of the remaining assets in your IRA following your death through a beneficiary designation. This type of bequest not only avoids estate tax but also avoids the income tax on IRA proceeds that your children or other heirs would have to pay if you left the IRA assets to them.

Reach out to the NCCF team to learn more!