The Flying Tiger Line Historical Society (FTLHS) is registered in the State of California as a public charity eligible to receive tax deductible contributions, bequests, devises, transfers or gifts under Internal Revenue Code Section 501(c) 3.
Owners of Individual Retirement Arrangements (IRAs) age 70 1/2 and over can transfer any amount up to $100,000 to the Flying Tiger Line Historical Society tax-free each year. These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily make their donations each year. And, for those who are at least 73 years old, QCDs count toward the IRA owner’s required minimum distribution (RMD) for the year. An owner who wishes to make a QCD should contract their IRA trustee well before the end of the year to compete the transaction by December 31st.
Normally, distributions from a traditional IRA are taxable when received. With a QCD, however, these distributions become tax-free as long as they’re paid directly from the IRA to the Flying Tiger Line Historical Society. An IRA distribution, such as an electronic payment made directly to the IRA owner, does not count as a QCD. Likewise, a check made payable to the IRA owner is not a QCD. The donation must come directly from the financial institution to FTLHS.
Each year, an IRA owner age 70 1/2 or over when the distribution is made can exclude from gross income up to $100,000 of these QCDs. For a married couple, if both spouses are age 70 1/2 or over when the distributions are made and both have IRAs, each spouse can exclude up to $100,000 for a total of up to $200,000 per year.
QCDs are not deductible as charitable contributions on Schedule A. But, as with deductible contributions, the donor will get a written acknowledgment of their contributions from FTLHS for their tax records before filing their return. The acknowledgement will state the date and amount of the donation, that it was received directly from the IRA account, and that the donor did not receive anything of value in return.
For more information about Qualified Charitable Distributions see Publication 590-B, Distributions from Individual Retirement Arrangements
The FTLHS is a non-profit 501(c)3 organization. All donations are tax deductible, and no goods or services were received in exchange for this donation. An acknowledgement for your tax records will be mailed to you upon receipt of your donation.
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