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Your IRA withdrawals can benefit Adams County Get Tax Break for Giving

The Adams County Community Foundation is committed to providing financial support for projects that benefit Adams County. One way the Community Foundation can achieve its mission is through charitable giving.

The federal government tax code incentivizes giving by offering tax breaks for donations to qualified charities. This type of tax advantage is available for individuals who have reached the age of 70 and older.

Qualified charitable distributions (QCDs) are a type of charitable contribution that allows donors to withdraw money from their IRA directly to a qualified charity. The withdrawal is not liable to income tax, while the donor still meets the mandatory required minimum distribution. Beginning in 2024, donors can give up to $105,000 annually this way.

This tax advantage can significantly impact how much individuals or families give to charity. In addition to helping the Community Foundation reach its mission, QCDs can also help donors to reduce their taxable income.

The Adams County Community Foundation has received many QCDs from generous local donors over the years. These QCDs have supported a variety of funds, including the Fund for Adams County, the Adams County Scholarship Fund, and designated endowments for nonprofits serving every sector of the community.

The Community Foundation is grateful for the support of the Adams County community. The feedback and support from donors helps to make a difference in the lives of those served by the Community Foundation.

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