The Community Church of Chapel Hill Unitarian Universalist
c3hoffice@gmail.com
(919) 942-2050
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Qualified Charitable Distributions

For those who are older than 70½ and have an eligible IRA, a Qualified Charitable Distribution (QCD) directly to the church to fulfill a pledge or for some other donation may be advantageous for tax savings.  The following Q&As on the subject may be helpful, but your final decision to use a QCD should be with the advice of your tax advisor.


What are the possible tax benefits of making my donation as a QCD?

A QCD, only subject to an amount restriction (see below), is not included in your “gross income” for tax purposes, nor is it considered a “deductible expense”.  So, if you are making the decision as to whether to itemize your deductions or to use the standard deduction (recently more generous), the QCD from your IRA could make the standard deduction more attractive.

For example, if you are a joint filer and both older than 70½, your standard deduction is $27,400. So, if your deductible expenses medical, mortgage, etc. without the amount you want to donate to charities is less than the standard deduction, then you can save taxes by using the standard deduction and QCDs to donate to charities.  

One note for NC income tax filers.  NC has a smaller standard deduction than that for Federal taxes.


Are there other tax advantages for using a QCD?

There may be, e.g., there are certain thresholds of gross income that require larger annual premiums for Medicare.  Your tax advisor will know these rules.


May I make a QCD donation to the church at any time during the year.

Yes. When the time is right to make a distribution from your IRA, e.g., the market is up, you may make a QCD to the church.
In fact, if your donation is to the Capital Fund (Building Project) it would reduce the amount the church will have to borrow when construction is completed, by March 2021.


For my tax year 2020 an RMD is not required from my IRA.  Can I still make a QCD for the full amount I want to donate?

 Yes, with one proviso.  While you may withdraw (distribute) as much of your IRA as you want at any time even when it exceeds an annual RMD, your QCD is limited to only $100,000 in any given calendar year.  Any amount more than $100,000 is considered as taxable income.


How do I create a QCD donation to the church?

The administrator of your IRA, e.g., your bank, should have a request form for you to complete to order the QCD.  Depending on the organization of your administrator it could take as much as several weeks to complete the transaction.
 

Should you have further questions about QCD donations, please contact:
Andrew Wright awright76@gmail.com, Dana Lundquist: c3hfinance@gmail.com or Bill Poteat wopoteat@att.net
  • Home
  • Worship and Arts
    • Upcoming Services & Schedule
    • Most Recent Service
    • Recordings of Past Services >
      • Recording of Past Services
      • Wednesday Vespers
      • Sermon Archive Prior to March 2020
    • Music Ministry >
      • Community Church Choir
      • 2021 Virtual Music Gala
      • 2020 Virtual Music Gala
      • Virtual Worship Music
      • Music Program
      • As You Like It
      • Community Church Singers
      • Children's Choir
      • Youth Music Ensemble
      • UUkes
      • Instrumentalists
      • Music Team
      • Music Gala
      • Musicals
      • Pageants
      • Choir Sundays
      • Concert Series
    • Art at Community Church >
      • Art in the Sanctuary >
        • Upcoming Art Exhibits
      • Art in the Commons
      • Past Art Exhibits
  • Newcomers
    • Welcome
    • What to Expect When You Visit
    • Visiting with Children and Youth
    • Map and Directions
    • The Path to Membership
    • How to Connect
  • About Us
    • Building Use Policy
    • Contact Us
    • Our Minister
    • Our Staff
    • Our Governance >
      • Our Board of Trustees
      • 2022 Board
      • Board Nominees 2022
      • Congregational Meeting Documents 2019
      • Our Covenant
      • Our Mission and Vision
      • Our Strategic Plan
      • Our Bylaws
      • Social Media Policy
      • More About Our Governance
    • Committees and Ministries >
      • Caring Ministry
      • Living Our Covenant with Intention
      • Endowment Committee
      • Committee on Ministry
      • Finance Committee >
        • Sunday Counters
      • Worship Ministry
    • Our History >
      • Congregational Award Recipients
    • About Unitarian Universalism >
      • The Unitarian Universalist Association (UUA)
      • Our Beliefs
      • Unitarian Universalist History
      • Southeast District of the UUA >
        • Building On Our Legacy Capital Fund
    • Stewardship >
      • Annual Pledge Drive
      • The Endowment Fund: Supporting the Future of Our Congregational Mission >
        • Proposing a Project
        • Contribute to the Fund
        • Past Projects
        • What is the Fund
      • Qualified Charitable Distributions
  • Youth and Children
    • Ready for RE, a visual guide
    • About Youth and Children's Ministry At The Community Church >
      • Program Philosophy
      • Helping Children and Youth Connect at Church
      • Parent Expectations
      • Program Leadership
    • Registration and Parent Cooperative >
      • Registration
      • Parent Cooperative Information
      • Parent Cooperative Requirement
    • Children's Program
    • Youth Program >
      • Sunday Programs for youth
      • Coming of Age
      • Bridging
    • Sarah Elizabeth Insch Church Youth Leadership Program >
      • Insch Program Description
      • Insch Associates
      • Insch Program Application
    • Youth Staff Internship Program >
      • Insch Program History
    • Our Whole Lives (OWL) Sexuality Education
    • Chalice Camp 2023
  • Justice and Service
    • Ongoing Racial Equity Work
    • Racial Equity Challenges
    • Charles M. Jones Peace & Justice Committee
    • Community Service Ministry
    • ECO
    • Habitat For Humanity Outreach
    • Immigrant Justice Initiative
    • Share the Plate
    • Side with Love Ministry >
      • Side with Love Spotlight
      • Side with Love Concerts
  • Learning and Fellowship
    • Welcoming Ministry
    • Buildings and Grounds
    • 20s and 30s Group
    • Annual Fall Auction >
      • Auction Resources
    • Community Church in Action >
      • Community Day of Service 2023
      • Community Day of Service 2023 Photos
      • Community Day of Service 2022 Photos
      • Community Day of Service 2022
      • Community Day of Service 2020 Photos
      • Community Day of Service 2019 Photos
    • Community Clickers >
      • Patterns and Instructions
      • Community Clickers - 2023 Projects
      • Community Clickers - 2022 Projects
      • Community Clickers - 2021 Projects
      • Community Clickers - 2020 Projects
      • Community Clickers - 2019 Projects
      • Community Clickers - 2018 Projects
      • Community Clickers - 2017 Projects
      • Community Clickers - 2016 Projects
    • Chalice Circles/Small Group Ministry
    • Flaming Chalices Softball
    • Outdoor Connections
    • Rare Women >
      • Resources for 2023-2024
      • Housing Options as We Age
      • Resources for Rare Women
    • Sanctuary for Dialogue >
      • Article II: Our Evolving Purposes, Principles, Sources, Values and Covenants
    • Spiritual Exploration for Adults (SEA) >
      • Past SEA Classes and Programs
      • SEA Pilgrimage Class
    • UNC Campus Fellowship
    • UU Non-Fiction Readers
    • WomenCircle
  • Donate Now
  • Flower Communion