QCDs let you donate directly from your IRA to Denver Rescue Mission while reducing your taxable income. Even if you take the standard deduction, you can still benefit from tax savings.
How It Works To qualify for a QCD:
- Be age 70 ½ or older (must wait 6 months after your 70th birthday)
- Transfer directly from a traditional IRA to Denver Rescue Mission
- Give up to $111,000 annually (spouses can each give $111,000)
- Make outright gifts only (no donor-advised funds, charitable trusts, or gift annuities)
- Note: 401k, 403b, SEP, and other retirement plans don’t qualify. Consider rolling funds into a traditional IRA first.
Tax Benefits:
- Excluded from your gross income (reduces your AGI)
- Counts toward your Required Minimum Distribution
- No charitable deduction needed or allowed
Example:
Mary, age 71, transfers $15,000 directly from her IRA to Denver Rescue Mission.
Result: She pays no income tax on that $15,000, it counts toward her RMD, and Denver Rescue Mission receives the full amount.
Please ask your financial institution to use the following address to ensure your gift arrives correctly:
Denver Rescue Mission
PO Box 5206
Denver, CO 80217
Additional Considerations
- State taxes vary: Some states tax QCDs as income, others follow federal rules. Consult your tax advisor about your state’s treatment. Eligible charities: Must be 501(c)(3) organizations like Denver Rescue Mission.
- Year-end deadline: Ensure your IRA administrator completes the transfer by December 31 for current-year benefits.
Consult your tax advisor to learn more about making a qualified charitable distribution.
How to Make Your QCD
Step 1
Contact Your IRA Administrator
Contact your IRA administrator to initiate a direct transfer. Download this IRA donation letter of intent to get started.
Step 2
Specify this is a QCD for tax reporting
Be sure to tell your IRA administrator that this is a Qualified Charitable Distribution for tax reporting purposes.
Step 3
Notify the Mission of Your IRA Gift
Use the form below to let us know about your gift. Anonymous gifts make it harder for us to thank and report on giving.
Step 4
Keep Documentation for Your Tax Records
For tax purposes, keep a copy of all these documents and the receipt we’ll send you once you notify us of your gift.