How to support Give to Lincoln Day with IRA distributions

Since many of our clients have ties to Lincoln, we are passing along information about Give to Lincoln Day and how to utilize an IRA to fund your gifts to this event.  We’ll also touch on two additional ways to support Give to Lincoln Day.

What is Give to Lincoln Day?

Every year since 2011, the Lincoln Community Foundation has sponsored Give to Lincoln Day, which is a 24-hour event to support local non-profits.  In 2021, more than 20,000 donors raised over $7.6 million for 455 non-profits in the Lincoln area.  This year’s event will take place on May 26th.  Participating non-profits will be finalized by April 15th.

What is a QCD?

Qualified Charitable Distributions (QCDs) allow you to direct up to $100,000 per year from an IRA to a qualified charity (or charities) while avoiding income tax on these monies.  Importantly, you must be over the age of 70.5 to qualify for a QCD.  Another benefit is monies you direct to charities from your IRA count toward your Required Minimum Distribution (RMD) for the current tax year.

How can I use my IRA to fund gifts for Give to Lincoln Day?

If you are interested in making a gift from your IRA to Give to Lincoln Day, here are some guidelines:

  • The Lincoln Community Foundation encourages those wishing to support Give to Lincoln Day via a QCD to initiate these gifts early in the month of May.
  • Donors must complete this IRA QCD form available on the Lincoln Community Foundation website and return it to the Foundation office by May 12th.
  • IRA QCD checks must be payable to Lincoln Community Foundation.

What if I don’t qualify to give money from my IRA?

If you haven’t reached the age of 70.5 by May 26th of this year, you can still support Give to Lincoln Day in one of two ways:

  • By utilizing a donor-advised fund and granting monies from this account to the Lincoln Community Foundation for the purposes of Give to Lincoln Day. Read more about DAFs here.
  • By cash or check donated through the Give to Lincoln website or delivered to the Community Foundation offices.

Donations can be made starting May 1st and those received through the 26th will count toward the G2L total.  More information about making a donation can be found here.

If you would like our help in processing a QCD from your IRA, learning more about a donor-advised fund, or supporting Give to Lincoln Day, please reach out to us.

 

Clicking on the links above may result in you leaving the Pittenger & Anderson, Inc. website. The opinions and ideas expressed on these external websites are those of third-party vendors and Pittenger & Anderson, Inc. has not approved or endorsed any of this third-party content. For the full Terms & Conditions of using the Pittenger & Anderson, Inc. website, click on this link.

Pittenger & Anderson, Inc. does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.  Additionally, the information presented here is not intended to be a recommendation to buy or sell any specific security.  To learn more about our firm and investment approach, check out our Form ADV.

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Since 1995, Pittenger & Anderson has guided individuals and families going through money-in-motion events. We are a fee-only Registered Investment Advisor and a full-time fiduciary providing investment management, financial planning, and complimentary services to 700+ clients in over 30 U.S. states.

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