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Donate to the JCC and Save on Your Taxes

People often ask “how can I help the JCC and save money on my taxes?” Here’s a simple way adapted from the websites of Fidelity and Vanguard Investments.
If you're 72 or older, IRS rules require you to take a required minimum distribution (RMD) each year from your tax-deferred retirement accounts.
A Qualified Charitable Donation or QCD is a transfer of assets from your IRA payable directly to a qualified charity or 501c(3) organization, such as the JCC of SLO County. Amounts distributed as a QCD and are NOT included in your taxable income. Normally, funds from an IRA withdrawal are considered taxable income at your top marginal tax rate.
TIP: With the 2020 tax law changes, the standard deduction increased to $12,400 for single filers and $24,800 if married filing jointly. Now, itemizing deductions, such as a charitable donation, is more unlikely. However, the QCD can remain an option for your charitable giving even if you claim the standard deduction.
This process is simple. Go to the website of your investment firm(s) and complete a form…or talk to your financial advisor or contact customer service. Since a check will be sent to a charity from a tax-deferred account, you either need to have a cash balance or to sell part or all of a particular investment to create the cash.
Here are examples of how using a QCD worth $10,000 puts extra cash in your wallet:
Married Filing Jointly:
-   Taxable Income:   $75,000. Tax Saved: $1,800 (Fed Marginal Tax Bracket: 12%. CA: 6.00%)
-   Taxable Income: $150,000. Tax Saved: $3,130 (Fed Marginal Tax Bracket: 22%. CA: 9.30%)
-   Taxable Income: $250,000. Tax Saved: $3,330 (Fed Marginal Tax Bracket: 24%. CA: 9.30%)
Single Filers:
-   Taxable Income:   $50,000. Tax Saved: $1,800 (Fed Marginal Tax Bracket: 12%. CA: 6.00%)
-   Taxable Income:   $75,000. Tax Saved: $3,130 (Fed Marginal Tax Bracket: 22%. CA: 9.30%)
-   Taxable Income: $150,000. Tax Saved: $3,330 (Fed Marginal Tax Bracket: 24%. CA: 9.30%)
-   Taxable Income: $250,000. Tax Saved: $4,430 (Fed marginal Tax Bracket: 35%. CA: 9.30%)
A QCD must adhere to the following requirements:
-   You need to be at least 70 1/2 at the time you request a QCD. If you process a distribution prior to reaching 72, the distribution will be treated as taxable income.
-   For a QCD to count toward your current year's RMD, the funds must come out of your IRA by your RMD deadline, which is usually December 31st.
-   Funds must be transferred directly from your IRA custodian to the qualified charity. This is done by requesting the custodian to issue a check from your IRA payable to the charity. You can then request the check be sent to the charity or mail the check to the charity yourself. 
NOTE: If a distribution check is made payable to you, it will NOT qualify as a QCD and will be treated as taxable income.
-   The maximum annual distribution for a QCD is $100,000. This limit applies to the sum of QCDs made to one or more charities in a calendar year.
-   If you’re a joint tax filer, both you and your spouse can make a $100,000 QCD from your own IRAs.
Account types eligible for QCDs include:
-   Traditional IRAs
-   Inherited IRAs
-   SEP IRA (inactive plans only)
-   SIMPLE IRA (inactive plans only)
Regarding tax filing, a QCD is reported by your IRA custodian in most cases as a normal distribution on IRA Form 1099-R. Please keep an acknowledgement of the donation from the charity for your records.  The JCC greatly appreciates any assistance you can offer.

Donate by Mail

Please send your check to the JCC Office:

JCC-Federation of SLO 
10180 Los Osos Valley Rd
San Luis Obispo, CA 93405
You may also donate by credit or debit card: