Your Distributions Can Make a Difference

What is a Qualified Charitable Contribution?

If you are 70 1/2 years of age or older, you can donate directly from your IRA account to the Anacortes Senior Activity Center Foundation with a qualified charitable distribution (QCD). A QCD is not counted as income and no income tax is paid on the charitable distribution. This may be a tax benefit to you, while supporting older adults in our community.

ASACF does not offer tax, financial planning, or legal advice. All content on this webpage is for informational purposes only, but the typical process is as outlined below:

Qualified

How does it Work?

1. Contact the financial institution where your IRA is held to let them know that you would like to make a QCD to ASACF. You may be able to do that through your IRA portal if you have one, or reach out via phone or e-mail. Contact them soon to make sure your IRA trustee has enough time to complete the transaction before the end of the year.

2. Specify the amount you'd like to donate to ASACF. You may be promted to fill out necessary paperwork.

3. Your financial institution will then issue an electronic fund transfer or send a check directly to ASACF.

4. We will notify you when we have received your funds and will issue a receipt.

If you have additional questions check out the Frequently Asked Questions below or reach out any time to admin@asacfoundation.org

You can find more details here: Qualified charitable distributions allow eligible IRA owners up to $100,000 in tax-free gifts to charity

Frequently Asked Questions:

  • At what age can I make a donation from my IRA? You can make a donation from your IRA as soon as you are 70 1/2.
  • Will my gift count as my required minimum distribution (RMD)? Yes. Beginning in the year you turn 73, you can use a donation from your IRA as your RMD.
  • Can I support other nonprofits in addition to the ASACF with a gift from my IRA? Yes. You can support multiple nonprofits, as long as your total charitable distributions do not exceed $100,000 annually.
  • How much can I give from my IRA? You can give a total of $100,000 per year from your IRA to any qualifying nonprofit. However, any amount given over $100,000 annually from your IRA must be reported as taxable income.
  • When do I need to make my gift from my IRA to qualify for tax benefits? You must make your contribution by December 31.
  • Can I make ASACF a beneficiary of my IRA? Yes. You may designate ASACF as a beneficiary of part or all of your IRA to be passed to us tax-free after your lifetime. Please contact your IRA financial insitution to fill out a "change-of-beneficiary form" and any additional steps that may be required. Note: Please notify us if you decide to make us your beneficiary. We would love to talk to you about how you would like your contribution to be used and thank you for your generosity.