Can a Founder Make QCD Donations to His Own Charity?
Column distributed by Hearst Connecticut Media Group.
Links to resources referenced:
- IRS: Publication 590-B (2024), Distributions from Individual Retirement Arrangements (IRAs)
- https://www.irs.gov/publications/p590b#en_US_2024_publink100090626
- Related column excerpt:
- “In these potentially tricky situations, it’s wise to go back to basics. For guidance, let’s run through what the IRS provides us, starting with IRS Publication 590-B:”
- Related column excerpt:
- https://www.irs.gov/publications/p590b#en_US_2024_publink100090626
- IRS: Search for tax exempt organizations
- https://www.irs.gov/charities-non-profits/search-for-tax-exempt-organizations
- Related column excerpt:
- “‘… eligible to receive tax-deductible contributions.’ The IRS Tax Exempt Organization Search allows you to find organizations that have a 501(c)(3) designation, meaning they are eligible to receive tax-deductible contributions. ABC Charity has a 501(c)(3) designation.”
- Related column excerpt:
- https://www.irs.gov/charities-non-profits/search-for-tax-exempt-organizations
- IRS: Publication 526 (2024), Charitable Contributions
- https://www.irs.gov/publications/p526
- Related column excerpt:
- “That can be a potential sticking point depending on the circumstances. In IRS Publication 526, ‘Charitable Contributions,’ is ‘Contributions From Which You Benefit,’ which states: ‘If you receive or expect to receive a financial or economic benefit as a result of making a contribution to a qualified organization, you can't deduct the part of the contribution that represents the value of the benefit you receive.’”
- Related column excerpt:
- https://www.irs.gov/publications/p526