Donate through your retirement account
Did you know? If you are over 70 ½ years old, you can direct your IRA or 401k required distribution as a tax-deductible donation to Crag.
“When I reached the magical age at which one is required to take distributions from one’s retirement account, I learned about QCDs – qualified charitable deductions. It’s a win-win proposition. When I donate a portion of my required distribution to Crag, I lower my taxes, and the funds support Crag’s continuing legal efforts to protect the planet. I can’t think of a better deal! If it’s something you can do now, I say, “Go for it.” If not, it’s something to look forward to when your RMD date rolls around. One part of the “golden years” that’s truly golden.”
Qualified Charitable Distributions
If you’re looking for another way to give to Crag Law Center, consider giving through a Qualified Charitable Distribution (QCD) to support our work and your taxes!
- Donors 70.5 and older with a traditional IRA are eligible to benefit from making a gift from their IRA! In many cases, these gifts, also known as QCDs, are 100% tax-free and can potentially impact your taxes.
- For donors 72 and older, the impact can go even further! QCDs also count towards your Required Minimum Distribution (RMD) without the taxes associated with regular IRA withdrawals. Many donors choose to give QCD gifts earlier in the year to ensure their gifts count toward an RMD, even if they plan to donate to charity later in the year. Also, QCDs make an immediate impact: First and foremost, we will put your IRA gift to support our mission and the key initiatives you care about.
To help make the process simple, we have a free and secure online tool: a simple platform highlighting some of the benefits of IRA giving and bringing you to the necessary form to complete.
What is a QCD?
Also known as an IRA Charitable Rollover, the permanent IRS provision allows individuals who are age 70 ½ or older to make a direct transfer from their IRS to non-profit organizations like Crag Law Center, tax-free.
How It Works:
Instruct your IRA custodian to distribute assets directly to Crag Law Center. Scroll down to view a Sample Letter of Instruction that can be filled out and sent to your IRA custodian.
Gifts should be made to Crag Center (tax ID 93-1323758)
Please direct gifts to:
-
- Crag Law Center
- 3141 E. Burnside St.
- Portland, OR 97214
Tax Code Requirements:
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- You must be 70 ½ or older at time of distribution.
- QCD distributions cannot exceed $100,000 per year, per individual.
- Distribution must come directly from an IRA custodian.
- You cannot receive any goods or services in return for the gift.
How You Benefit
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- Flexibility.
- No Income Tax.
- Your distribution is tax-free.
- By lowering your adjusted gross income, you can avoid taxable income–which may allow you to avoid moving into a higher tax bracket
- You can satisfy all or part of your required minimum distribution.
Sample Letter for IRA QCD Donation
Date: _________________
Broker Name: _________________________________
Broker Address: ________________________________________________________________
RE: Request for Charitable Distribution from Individual Retirement Account
Please accept this letter as my request to make a direct Qualified Charitable Distribution (QCD) from my Individual Retirement Account # ____________________ as provided by Sec. 408(d)(8) of the Internal Revenue Code of 1986, as amended. This type of contribution was originally enacted by the Pension Protection Act of 2006 and was made permanent in the Protecting Americans from Tax Hikes (PATH) Act of 2015. Crag Law Center is a nonprofit corporation that is qualified to receive direct tax-free QCDs from IRA assets as described in IRC Sec. 408(d)(8). The Taxpayer Identification Number of Crag Law Center is #993-1323758.
Please issue a check in the amount of $ _________________ payable to Crag Law Center and send to the address below:
Crag Law Center
3141 E. Burnside St.
Portland, OR 97214
Attn: Suzanne Savell
In your transmittal to Crag Law Center, please memorialize my name and address as the donor of record in connection with this transfer. If possible, please also indicate that I want the gift to support _______________________.
Please copy me on your transmittal.
It is my intention to have this distribution qualify for income tax exclusion. Therefore, it is imperative this distribution be postmarked no later than December 31, 2023.
If you have any questions or need to contact me, I can be reached at ______________________.
Thank you for your assistance in this matter.
Sincerely,
___________________________
Plan Owner
The information contained on this webpage does not count as legal or tax advice and is being provided for general informational purposes only. Please consult your Financial Advisor and/or Certified Public Accountant if you have any questions regarding how a QCD may impact your tax liability.
For more details on leaving a legacy to Crag, please contact Suzanne Savell, Development Director.
Email: suzanne@crag.org
Phone number: (503) 902 1781