Age Has Its Privileges

The IRA Charitable Distribution

If you are 70 1/2 years or older, you can use your IRA to contribute directly to the Old-Growth Forest Network without paying taxes on the amount given, even if you don’t itemize your deductions.

It’s called a “Qualified Charitable Distribution” and it’s a great way to give to the Old-Growth Forest Network and save on taxes.

Read below for more information and how to donate from your IRA to today.

    • The money transferred from your IRA to OGFN is not treated as part of your income so you do not pay federal (or state, depending on your location) income taxes on it.

    • You must be at least 70 1/2 years old and owner of the IRA

    • The amount transferred to OGFN counts towards the IRS requirement to make a mandatory withdrawal from your IRA (this requirement applies if you are at least age 73).

    • The amount transferred cannot exceed $100,000/year (this limit increases in 2024). On a joint tax return, each spouse can separately transfer up to $100,000.

    • Since the amount transferred to OGFN isn’t included in your taxable income, you cannot claim a separate charitable deduction for it.

  • Janelle is 74 and owns a traditional (non-Roth) IRA. Under IRS rules, she is required to take a minimum distribution of $10,000 this year. Janelle wants to give $2,000 to OGFN.

    If Janelle simply takes the $10,000 withdrawal and then gives OGFN $2,000, she will be taxed on the full $10,000. She might be able to claim a charitable deduction for the $2,000 she gives to OGFN, but only if she can itemize deductions. But Janelle, like most people, doesn’t have enough deductions to itemize.

    Instead, Janelle ask her IRA custodian to transfer $2,000 directly to OGFN and distribute $8,000 to her. This way, Jane is taxed only on the $8,000 she receives. She pays no federal or state income tax on the $2,000 that is sent directly to OGFN. And, Janelle satisfies the IRS requirement to withdrawal $10,000 from her IRA even though she received only $8,000 herself because $2,000 counts towards this requirement.

    *The information here is provided for educational purposes only. The specifics of any deduction allowed will depend on your unique circumstances. Please confer with a tax professional to confirm your personal tax benefit potential.

Distribution Directions

To make a qualified charitable distribution to the Old-Growth Forest Network, you should first discuss it with your tax advisor. Then follow these steps:

  • Inform us of your intentions by contacting us directly at kayla@oldgrowthforest.net and sarah@oldgrowthforest.net, or leave us a voicemail at (404) 585-0329.

    Reason? When making a QCD gift, we are not provided information on who made the gift and cannot match the gift to you, properly thank you, or ensure your gift goes to the right place.

  • Follow the instructions provided by your IRA custodian to make a ‘Qualified Charitable Distribution” payable to:

    • Name: Old-Growth Forest Network, Inc.

    • Address: PO Box 21, Easton, MD 21601

    • Tax ID #: 45-4115570

  • When your distribution is received in the mail and your name / contact info is listed with the check, we will personally thank you for your generous gift.

    **If you have made a previous QCD gift to OGFN and we did not acknowledge your generosity, please contact us so we can ensure you are properly thanked!

    Contact: kayla@oldgrowthforest.net or leave us a voicemail at (404) 585-0329.

Have questions? Your tax advisor or financial advisor should be able to discuss your personal situation. If you need assistance informing us of your intentions contact Kayla Green, Development Director, at kayla@oldgrowthforest.net or leave us a voicemail at (404) 585-0329. We will contact you promptly.

*The information here is provided for educational purposes only. The specifics of any tax benefit allowed will depend on your unique circumstances. Please confer with a tax professional to confirm your personal tax benefit potential. 

OTHER WAYS TO GIVE:

Old-Growth Forest Network is a 501c(3) organization, and your donations are fully tax-deductible.
Our tax ID number is 45-4115570.

Home