Qualified Charitable Distributions (“QCDs”) allow you to support the L‑P School Foundation and lower your taxes at the same time. Using the QCD structure, the charitable donation goes directly from your Traditional IRA to the L‑P School Foundation. Because of that, the distribution amount WILL NOT be included in your income that is subject to federal income taxes.
QCDs are available to individuals who are at least 70½ years old at the time of the transaction. QCDs entitle you to tax benefits even if you do not itemize deductions. If you have a Required Minimum Distribution (RMD), the QCD can satisfy some or all of your RMD. The maximum QCD amount for 2024 is $105,000 for an individual with the possibility of $210,000 for married couples.
Chuck McClure, CPA, CFP (LHS 1972) has graciously offered to discuss this type of transaction at no charge to potential donors or the Foundation.
The Loudonville-Perrysville School Foundation, Inc. (LPSF) is recognized as a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code. LPSF does not provide investment, legal, or tax advice. We recommend that you discuss topics like this with your financial, legal, and tax advisors.