Tax Benefits of Giving in 2023
There’s still time in 2023 to support the Humane Society for Tacoma & Pierce County through your IRA!
If you’re 70 ½ or older, you can give up to $100,000 from your IRA directly to a favorite charity or cause. Meet your Required Minimum Distribution for 2023 by using your Qualified Charitable Deduction to help pets in need at the Humane Society for Tacoma & Pierce County!
Meet Your Required Minimum Distribution (RMD)
A Required Minimum Distribution (RMD) is an IRS-mandated amount of money that you must withdraw from traditional Individual Retirement Accounts (IRAs) or an employer-sponsored retirement account (like most 401(k) and 403(b) plans) each year.
Use Your Qualified Charitable Deduction (QCD)
You may reduce the taxes you owe the IRS by using RMD funds to make a Qualified Charitable Deduction (QCD). A QCD is a direct transfer of funds from your retirement account custodian, payable to a qualified charity like the Humane Society for Tacoma & Pierce County. QCDs can be counted toward satisfying your Required Minimum Distributions (RMDs) for the year.
Benefits of giving to the shelter through QCD:
- Excludes the amount donated – up to a total of $100,000 – from taxable income.
- Keeps your taxable income lower, which may reduce the impact of certain tax credits and deductions, including Social Security and Medicare.
Tax Savings and Second Chances
Please consider using your required contribution to help animals get the second chance they deserve. Your gift to the Humane Society for Tacoma & Pierce County will go directly to the care and treatment of homeless animals in our community. Every gift makes a difference in the life of a shelter pet. Act now, as QCDs must be made by December 31, 2023.
To learn more, please call Ashley Taulbee, our Chief Philanthropy Officer at 253-284-5833 or send Ashley an email at [email protected].
