Starting in 2024, the Church of the Nazarene Foundation can facilitate your Qualified Charitable Distribution (QCD) to your church or favorite ministry. As a 501(c)3 Public Charity, the Foundation can receive your QCD for several gift strategies.
Every year, more tax savvy donors are taking advantage of one of the most beneficial gift strategies, a Qualified Charitable Distribution (QCD). But what is it? A QCD is a distribution of pre-tax dollars from your IRA directly to a public charity. Instead of withdrawing funds and increasing your taxable income, you can direct your IRA custodian to make a distribution directly to the Foundation. Here are some key details:
You can tithe from your IRA! Individuals over 70 ½ can support their local church through QCDs. The Foundation can receive those funds tax-free and make twelve monthly distributions to your church, just as if you had mailed a monthly tithe check. Interested? Give us a call or send us an email.
Quinn turned 73 this year. Since Quinn had invested well during his working years, he has over $500,000 in his IRA. When he calculated his 2024 Required Minimum Distribution, he learned that he would need to withdraw $19,000 in taxable distributions. Quinn also gives $1,500 to his church every month. Instead of taking his RMD as taxable income (and owing as much as $4,500 in income taxes), he asks his IRA custodian to send $19,000 to the Foundation. The Foundation sends the church $1,583 each month, Quinn satisfies his RMD, and Quinn’s income taxes don’t go up! It’s a win-win-win!!