Donor tip: Qualified charitable distributions

Happy holidays! A charitable IRA rollover, or qualified charitable distribution, can be a simple and tax-wise way to make your annual gift. To qualify:

  • You must be age 70 ½ or older at the time of the gift.
  • Transfers must be made directly from a traditional IRA account by your IRA administrator, payable to the Corvallis Public Schools Foundation.
  • Gifts from a 401k, 403b, SEP and other plans do not qualify. Ask your financial advisor about creating a traditional IRA account so that you can benefit from the IRA qualified charitable distribution.

The benefits:

  • Each IRA account holder may donate up to $100,000 annually through a qualified charitable distribution.
  • You’ll pay no income tax on the distribution, which is unlike regular withdrawals from an IRA.
  • The distribution will count towards your required minimum distribution for the year in which you make the gift.

As you may know, under the CARES Act, required minimum distributions (RMDs) are waived this calendar year. However, if you still wish to make a gift, a qualified charitable distribution from your IRA is an easy, tax-free way to support CPSF.

Thank you for your continued support!