Making a Contribution to CCTU from Your IRA
Your next big catch could be a tax break
If you are 72 or older, IRS rules require you to withdraw required minimum distributions (RMD) from your tax-deferred retirement accounts. If you intend to make a gift to CCTU, consider making it directly from your IRA. Your Qualified Charitable Distribution (QCD) counts toward your RMD but is not included in your taxable income.
Benefits of a Qualified Charitable Distribution (QCD)
A QCD counts towards your Required Minimum Distribution.
QCDs from your IRA are not subject to taxation as ordinary income, as they otherwise would.
QCDs can reduce your Medicare Premiums.
QCDs can lower your overall marginal tax bracket, including capital gains.
QCDs avoid the standard deduction limitations for charitable gifts (currently $12,400 for single filers, $24,800 if married and filing jointly). This means you can donate smaller amounts and still get the tax deduction.
QCDs are available to anyone with an IRA who is over 70½.
QCDs reduce or eliminate eventual income tax burden, if left to individual heirs.
How to Make a Qualified Charitable Distribution
Contact your IRA plan administrator or broker to learn about your specific mechanism for making a QCD to Cutthroat Chapter.
Your IRA will then issue you a check. It is important that the check be made out to: “Cutthroat Chapter Trout Unlimited”.
Include our Federal Tax ID #23-7188817 on the check.
The check will be mailed to you.
From there, you will need to mail the check to: Meg Renton, CCTU Treasurer, 1285 Nightfire Circle, Castle Rock, CO 80104
Your IRA funds will be directly deposited to CCTU to help continue our important work.
Please contact CCTU Board member Allen Adinoff (aadinoff10@gmail.com | 303.726.0073) if you wish for your gift to be used for a specific purpose or if you have general questions about your QCD.
NOTE: If you have any questions regarding tax implications of a QCD, please consult a qualified tax advisor.
A Personal Vignette
Allen Adinoff is long time CCTU Board member and past President. He and his wife Mary are committed to the mission of Trout Unlimited and so made a pledge to support CCTU through a Qualified Charitable Contribution from their IRA.
“It was an easy way for us to contribute in order to sustain CCTU for future generations”, says Allen. “Making a donation from our IRA also reduces our taxable income while meeting the requirements for our Required Minimum Distributions. In addition, we wanted see the fruits of the donation during our lifetime; giving it with a ‘warm hand’ as opposed to later with a ‘cold hand’. Mary and I encourage you to consider a generous gift to CCTU. Please contact me if you have any questions.”