Ways to Give
Give from Your IRA
If you are 70½ or older, you can give directly from your traditional IRA to Together For Hope. This kind of gift, called a qualified charitable distribution (QCD), is not counted as taxable income, and it can satisfy all or part of your required minimum distribution for the year.
Why give this way
- The gift is excluded from your taxable income, whether or not you itemize deductions.
- Once you are required to take minimum distributions, a QCD counts toward that amount.
- Keeping the distribution out of your income can lower your adjusted gross income, which affects other parts of your tax picture.
- Resources you don’t need for living expenses go to work in rural communities across Appalachia, the Black Belt, the Delta, and Tribal Nations/Texas/Four Corners.
How to make your gift
- Contact your IRA administrator and ask to make a qualified charitable distribution to Together For Hope.
- Give them our information: Together For Hope, EIN 87-0835491, 2906 North State Street, Suite 300, Jackson, MS 39216.
- Ask that the check be made payable to Together For Hope and sent directly to us. A distribution paid to you first does not qualify.
- Let us know your gift is coming. Email natalie@tfhope.org with your name, mailing address, the amount, and whether you would like it to support a specific region. Administrators often send checks without the donor’s name, so this helps us thank you and send your acknowledgment.
Good to know
- QCDs can be made only from an IRA. Funds in a 401(k), 403(b), or other employer plan need to be rolled into an IRA first.
- The IRS sets an annual limit on QCDs and adjusts it for inflation. You can find the current limit in IRS Publication 590-B.
- To count for this tax year, the distribution must leave your IRA by December 31. Administrators can take several weeks, so please start early.
- You can’t use a QCD for anything that gives you a benefit in return, such as event tickets or an event table.
- Because a QCD is already excluded from your income, you don’t also claim it as a charitable deduction.
- If you inherited an IRA and are 70½ or older, you may also be able to give this way.
Questions?
Natalie Aho, our Chief Development Officer, would be glad to help.
This information is general and is not tax or legal advice. Please talk with your tax or financial advisor about your situation.