Skip to content Skip to footer
A- A A+
2 minutes reading time (312 words)

IRA Qualified Charitable Distribution (QCD) a way to partner with MFB

    Midwest Food Bank values our donors, and we make effective use of every gift with integrity. We frequently receive questions about various ways to give to MFB, and one mechanism – IRA Qualified Charitable Distribution - is a way that benefits donors and MFB.

    Making an IRA Qualified Charitable Distribution (QCD)

    You can donate up to $100,000 in IRA assets directly to Midwest Food Bank without taking the distribution into taxable income. If you are married, you and your spouse may both transfer $100,000 to an eligible charity, bringing the total eligible tax-free distribution to $200,000. Remember, the new RMD age is 72; if giving a QCD at 70 ½, you will reduce future RMD by lowering your overall IRA balance.

    How to donate an IRA gift?

    1. Contact your IRA provider.
    2. Must be 70 ½ and older.
    3. Applies to Traditional IRAs.
    4. The maximum tax-free amount cannot exceed $100,000 per tax year from an individual IRA.
    5. Distributions must be made payable to a qualifying charity (Midwest Food Bank qualifies); you cannot first receive the distribution and then contribute to the charity.
    6. The transfer must be made by December 31 to count against the year's RMD requirement.
    7. You may not receive anything of value from the charity in exchange for your contribution.


Notice: Donor Advised Funds are not permitted to accept a QCD. However, you can give an IRA gift to DAFs and receive a charitable tax deduction, lowering your adjusted gross income (AGI) if itemizing.

Please note, the guidelines we've outlined here are general, and we encourage donors to seek financial planners or tax professionals for personalized advice.

Other examples of non-cash gifts include:


If you would like more information on making a non-cash gift to Midwest Food Bank, contact our Chief Resource Officer, Jada Hoerr, through our contact page.

Midwest Food Bank providing Disaster Relief for 16...
MFB Florida blessed by grants from Simply Healthca...
 

Comments 1

Guest - Al on Friday, 01 October 2021 19:28

Qualified Charitable Distribution gives one a double tax advantage. First, your IRA Required Minimum Distribution is deducted from your IRA balance without taking it out as a taxable event. The IRA gift must be sent directly from your account to the beneficiary. Second, the amount of your contribution may be taken as a charitable donation on your taxes.

Qualified Charitable Distribution gives one a double tax advantage. First, your IRA Required Minimum Distribution is deducted from your IRA balance without taking it out as a taxable event. The IRA gift must be sent directly from your account to the beneficiary. Second, the amount of your contribution may be taken as a charitable donation on your taxes.
Already Registered? Login Here
Guest
Wednesday, 27 October 2021

By accepting you will be accessing a service provided by a third-party external to https://www.midwestfoodbank.org/