The McPherson County Community Foundation accepts many types of charitable and planned gifts. These gifts are tax-deductible to the fullest extent allowed by law. Some types may have additional conditions upon acceptance, so please contact us with any questions or concerns.
If you have considered incorporating charitable giving into your estate plan, the McPherson County Community Foundation offers many options. We’re here to help you determine what your goals are, achieve tax advantages and establish your legacy. PLANNED GIVING | LEGACY SOCIETY
With a little strategic planning by generous Kansans, and the help of our local community foundations, we can provide a brighter future for those who choose to make their lives here. To assist in the planning process, the McPherson County Community Foundation is offering to send you a free Wills & Trust Guide. The guide serves a tool for gathering information about your family, contacts and healthcare, finances and estate plan to share with your attorney. WILLS AND TRUSTS GUIDE
Qualified Charitable Distribution (QCD)
If you are age 70½ or older, the IRS requires you to take a required minimum distribution (RMD) each year from your tax-deferred retirement accounts. A qualified charitable distribution (QCD) is a direct transfer of funds from an IRA custodian, payable to a qualified charity. Amounts distributed as a QCD can be counted toward satisfying your RMD amount for the year, up to $100,000 and can also be excluded from your taxable income.
A QCD must adhere to the following requirements:
You must be 70½ years old at the time you request a QCD.
The funds must come out of your IRA by your RMD deadline, which is generally December 31 each year.
Funds must be transferred directly from your IRA custodian to the qualified charity.
Gifts to the Community Foundation’s grantmaking and operating funds qualify for this preferred tax treatment. In past years, donors have supported unrestricted, field of interest, and scholarship funds with their QCDs. Gifts to donor advised funds do not qualify as a QCD.
As always, we encourage you to consult your financial or tax advisor to determine the right giving vehicle for your situation.