A Qualified Charitable Distribution (QCD) is an otherwise taxable distribution from an Individual Retirement Account(IRA) owned by an individual who is 70 ½ years or older that is paid directly from the IRA to The Women’s Safe House. Advantages of making a Qualified Charitable Distribution include:
- Funds donated are not taxable income. The donor saves on paying regular income tax on the amount of the QCD.
- The amount of the QCD is reduced from the amount of the required minimum distribution that is treated and taxed as ordinary income.
- While the QCD is considered to be “tax neutral” where the donor doesn’t pay income tax on the donation and the gift doesn’t count towards a Federal tax deduction, the donation does qualify for the Missouri Domestic Violence Tax Credit equal to 70% of the gift up to $50,000. Please click here for more information and to see an example of how the tax credit can benefit you.
Please consult your tax advisor and broker prior to making a Qualified Charitable Distribution to confirm the after-tax cost of your donation. QCD donations should be made directly from your IRA with correspondence from your Broker sent to The Women’s Safe House and addressed to Mike Meyer, Director of Development and Advancement, The Women’s Safe House, PO Box 63010, St. Louis, MO 63163.
For more information, please contact McKenna Nguepsi at MNguepsi@twsh.org.