CAL Fund Tax Planning Information
ICF Idaho Community Foundation
Hi Members,
Please remember ICF (CAL’S Forever Money) as you are tax planning or doing your year end donations. Please write a check to CAL for any amount and put ICF in the memo area. You can put the check in Linda Gibbs (Treasurer) or Carolyn Gumerman (ICF) folder at Bizarre Bazaar. If you receive Required Minimum Distributions (RMD), see below for some specific information.
Qualified Charitable Distributions (QCD) from an IRA
to the Idaho Community Foundation
to the Idaho Community Foundation
- Part of a Required Minimum Distribution (RMD) from your IRA
- RMDs are required for individuals over 70½
- Paid directly from your IRA to Idaho Community Foundation
- Individual pays no income tax on the distribution because payment is direct from your IRA to ICF
- Direct payment to ICF eliminates need to itemize this contribution when you file income tax return
- Will reduce your income taxes if you don’t normally itemize your contributions
- The critical element is that you “do not take receipt of the monies”. Transfer must be direct by your IRA Custodian to ICF
- Please check with your Tax Advisor to assure this is an appropriate tax saving strategy for your personal financial situation
- Could be a Win-Win to lower your income taxes at the same time benefiting CAL's ICF fund
- RMDs are required for individuals over 70½
- Paid directly from your IRA to Idaho Community Foundation
- Individual pays no income tax on the distribution because payment is direct from your IRA to ICF
- Direct payment to ICF eliminates need to itemize this contribution when you file income tax return
- Will reduce your income taxes if you don’t normally itemize your contributions
- The critical element is that you “do not take receipt of the monies”. Transfer must be direct by your IRA Custodian to ICF
- Please check with your Tax Advisor to assure this is an appropriate tax saving strategy for your personal financial situation
- Could be a Win-Win to lower your income taxes at the same time benefiting CAL's ICF fund
The Foundation’s web page is available if you want to make a donation. Any individual may make a tax-deductible donation to our endowment fund. This is the direct link to our fund: Community Assistance League of Sandpoint Fund
If you have questions with regard to our endowment fund or how to contribute, contact me at 949-677-7545 or cgumerman@hotmail.com.
Thank you to all that have and continue to contribute to CAL’s Legacy.
Carolyn Gumerman
Ways & Means