QCD/RMD

For individuals who meet certain requirements, The Consolidated Appropriations Act of 2016 allows up to a $100,000 charitable contribution from eligible IRA accounts with numerous tax advantages. “Qualifying charitable distributions” (QCD) made from a traditional or other eligible IRA may be excluded from gross income, provided certain provisions are met. Such gifts may satisfy the required minimum distributions (RMD) for the year when the QCD is made.

To receive favorable tax benefits, the following conditions must be met:

• Donor must be 70½ or older at the time of the gift
• Funds must be withdrawn from a traditional or other eligible IRA account
• Funds must be directly transferred from the IRA to the qualified charity with no intervening ownership by the IRA owner
• Donor must not receive any benefits of value in return for the gift
• Gifts must not exceed $100,000 in total qualified charitable distributions per tax year, per individual
• Gift must be properly reported to the IRS on the donors’ tax return

This last requirement requires careful attention. We suggest that you consult your tax advisor for instructions on how to report your donation from your IRA on your tax return.

Once The Light FM (BRB) receives your gift, you will receive a non-deductible gift acknowledgement from Blue Ridge Broadcasting. We suggest that you consult your tax advisor for instructions on how to properly report your donation from your IRA on your tax return. 

Contact the Donor Ministry team to confidentially answer any questions you may have, with no obligation on your part.