Make Your Donation Tax Advantaged or Tax Deductible
Historically, donations to charities and the arts were tax deductible when itemized. Changes in tax law have limited itemized tax deductions yet there are still ways to make tax advantaged donations:
- IRA Distributions
A qualified charitable distribution (QCD) is a distribution made directly by the trustee of your individual retirement account (IRA) to qualified organizations. You must have been at least age 70½ when the distribution was made. Your total QCDs for the year can’t be more than $100,000. A QCD is a nontaxable IRA distribution, but you can’t also claim a charitable contribution deduction on your income tax return.
- Donor Advised Fund or Charitable Trust
Many people have established a “Donor Advised Fund” or “Charitable Trust” to fund annual donations several years in advance. Amounts deposited in the fund above the standard deduction are deductible in the year deposited. Interim earnings in the account are also tax-free.
To make a donation from your IRA, or through a Donor Advised Fund or Charitable Trust contact your financial institution. They should send checks to:
Fort Worth Classic Guitar Society
P.O. Box 821954
Fort Worth, TX 76182-1954