Qualified Charitable Donations (QCD) and Donor Advised Fund (DAF) Contributions
If you wish to consider making contributions to NOVA Veterans from your Individual Retirement Account (IRA) see the paragraph below on Qualified Charitable Donations. If you wish to consider making contributions to NOVA Veterans from stocks, real estate, or other assets see the paragraph below on Donor Advised Funds.
Donor-Advised Funds
A Donor-Advised Fund (DAF) is a charitable giving vehicle that allows you to contributions of assets (e.g., cash, stocks, real estate, and other assets), receive an immediate tax deduction, and then recommend grants from the fund to qualified charities over time. It is an alternative to a private foundation because it has lower administrative costs and provides flexibility for you to decide when and to whom to recommend grants, though you only have advisory privileges over the distributions.
If you already have a Donor Advised Fund and want to make a tax-deductible contribution to NOVA Veterans Association, please use our
Ameriprise Financial Account Name: NOVA Veterans Assoc
Account Number: 14382329
DTC number: 0756
Note: You don’t get to deduct QCDs as a charitable contribution on your federal income tax return — that would be double-dipping. QCDs count toward satisfying any required minimum distributions (RMDs) that you would otherwise have to receive from your IRA, just as if you had received an actual distribution from the plan. However, distributions that you actually receive from your IRA (including RMDs) and subsequently transfer to a charity cannot qualify as QCDs.
Qualified Charitable Donations
How to make a QCD or Contribution
If you need guidance on creating a Charitable Qualified Distribution and donating to us, please contact our partner Whitlock Wealth. You can request a consultation on their website whitlockwealth.com or you can contact them by phone at 877.944.8562 or email at .
If you are at least 70½ years old, you can make tax-free charitable donations directly from your Individual Retirement Account (IRA), by making what’s called a qualified charitable distribution (QCD). A QCD can benefit your favorite charity while excluding up to $100,000 annually from gross income. These gifts, also known as “charitable IRA rollovers,” would otherwise be taxable IRA distributions.
How QCDs work
In order to make a QCD, you simply instruct your IRA trustee to make a distribution directly from your IRA (other than SEP and SIMPLE IRAs) to a qualified charity. The distribution must be one that would otherwise be taxable to you. You can exclude up to $100,000 of QCDs from your gross income each year. And if you file a joint return, your spouse (if 70½ or older) can exclude an additional $100,000 of QCDs.
Frequently Asked Questions
Are there specific benefits to making a Qualified Charitable Donation to NOVA Veterans Association?
Absolutely. Qualified Charitable Distribution from your Individual Retirement Account (IRA) allows you to transfer funds directly from your IRA to a qualified charitable organization. This is a tax-efficient way to shift up to monies out of an IRA to potentially avoid having to claim income (and subsequent tax liability) since you would not receive the required distribution.
How can I make a Qualified Charitable Donation to NOVA Veterans Association?
Before the end of the calendar year, speak to your financial or tax advisor directly or reach out to NOVA Veterans to link with Whitlock Wealth advisors for assistance.
Is this donation tax deductible?
NOVA Veterans Association is a 501(c)3 tax-exempt organization and your donation is tax-deductible within the guidelines of U.S. law. To claim a donation as a deduction on your U.S. taxes, please keep your email donation receipt as your official record. We’ll send it to you upon successful completion of your donation.