Qualified Charitable Distributions
If you are 72 or older, own an IRA, and donate to charity, Qualified Charitable Distributions (QCDs) may make sense for you.
A QCD is a direct transfer of funds from your IRA, payable directly to a qualified charity. You can receive tax benefits by giving from your IRA account(s) directly to a qualified not-for-profit organization such as The Land of Canaan Foundation. QCD’s can satisfy your RMD (Required Minimum Distribution) requirement.
You pay no income taxes on charitable rollover gifts. The transfer generates neither taxable income nor a tax deduction so you benefit even if you do not itemize your deductions - you can still take advantage of the standard deduction.
In fact, the QCD reduces your taxable income, so you could avoid a Medicare high income surcharge and make less of your Social Security benefits taxable.
You can make a gift of up to $100,000 as a charitable rollover to The Land of Canaan Foundation and receive tax benefits.
Make sure to notify us at info@landofcanaanfoundation.org if you choose to make a gift so we know it came from you! We will send the necessary acknowledgement of your donation for tax reporting.
Seek the advice of your financial or legal advisor. Ask your IRA administrator about making a direct transfer to The Land of Canaan Foundation, or have the administrator send a check from your account to us. (To be tax free, the donation must go directly from your account to LOCF without passing through your hands.)
Your IRA administrator will have an easy form or procedure. Here are some of the questions you can expect: your full legal name, your birth date, when you will make your gift, how much you intend to give, do you have a personal message for the gift.
Here is identifying information about us:
The Land of Canaan Foundation, 2702 International Lane, Suite 111, Madison, WI 53704
Tax ID (EIN) #46-3553542
Phone: 360 980 2580 Email: info@landofcanaanfoundation.org
THANK YOU for supporting Palestine farming communities with your beautiful and meaningful gift!
*Those born after June 30, 1949 must take their first RMD by April 1 of the year following the year they reach 72. After that, RMD’s are due annually by December 31 every year.