With fears of economic downturn on the rise, many people are rightfully concerned about their finances. But in these moments, we also see a renewed interest in supporting charitable causes, begging the question — is there a way to save while you give?
The short answer is yes! As you form your charitable goals for the remainder of 2023, the Community Foundation wants to share a recession-smart giving option that not only benefits your finances but builds stronger communities in Arkansas: giving through a Qualified Charitable Distribution (QCD).
What is a QCD? Qualified Charitable Distributions are gifts made directly from IRA accounts. These gifts are eligible for community members 70 ½ and older. In addition to being excluded from your taxable income, QCDs are philanthropic options that can also help you fulfill a Required Minimum Distribution for 2023 (for more information on RMDs, check out this blog post).
Why consider a QCD gift this summer? Your gift:
- Helps build stronger communities in Arkansas in real-time, especially when support is desperately needed.
- Can help you reduce your future tax burden, allowing you to give and save.
- Is easier than ever through the simple tool below, which helps us track your gift and thank you appropriately.
We know the state of our economy is of big concern. Community Foundation wants to provide you with relevant information so you can make the best recession-smart gift that is right for you.
The tool linked above is courtesy of FreeWill and walks you through the entire process of making your gift while providing you with helpful information if you want to learn more about QCDs. Note: If you are planning on creating a QCD, please use this resource so we can track your gift and thank you accordingly!
And as always, we recommend contacting and consulting with a professional advisor to determine the best philanthropic option for your personal circumstances.