*DO YOU HAVE AN IRA? *ARE YOU 70 ½ OR OLDER? *DOES THE INTERNAL REVENUE SERVICE (IRS) REQUIRE YOU TO TAKE ANNUAL REQUIRED MINIMUM DISTRIBUTIONS (RMDs)? *DO YOU NOT “NEED” THE MONEY FROM YOUR IRA RIGHT NOW?
*ARE YOU INCLINED TO MAKE CHARITABLE DONATIONS?
THEN QUALIFIED CHARITABLE DISTRIBUTIONS (QCDs) MAY BE JUST WHAT YOU’RE LOOKING FOR.
The IRS allows you to have your IRA administrator (Merrill Lynch, Vanguard, Fidelity, etc.) send a QCD directly to a qualified, genuine charitable organization – like the Johnson County Humane Society, Inc. – and you don’t have to pay federal income tax on the amount of the QCD. Whereas, if you take an RMD (or any other distribution – okay, let’s call it a withdrawal so we won’t sound like a government bureaucrat -- from your IRA), it counts as taxable income. You can still donate to a charity after making a taxable withdrawal, but making a charitable donation that way just allows you to claim a deduction on your income tax return. Assuming you itemize your deductible expenses. In contrast, a QCD doesn’t count as taxable income at all so you can still take a Standard Deduction instead of itemizing. Your hard-earned IRA savings, when you make a QCD, don’t have Uncle Sam taking his cut!
This isn’t a tax dodge, it’s not a “questionable” “loophole”, it’s not “shady”. It’s a specific, totally legit provision of the tax code.
SNIP - Spay / Neuter Incentive Program: SNIP is intended to assist lower income residents of Johnson County with the cost of surgery to spay and neuter their household dogs and cats. All funds received in our program are spent directly with the veterinarians that participate in the program. The program is funded by contributions from individuals and Grants as they become available. Our program is operated totally by volunteers. In order for a family to qualify for our program their yearly income must not exceed $40,000 and they must be a resident of Johnson County. Upon completion and approval of the necessary application, the individual applying for spay neuter assistance is given a voucher good for $50.00 off the spay/neuter costs at one of the program's participating vets. This amount is only applicable for the services to spay and neuter their pet. None of the other expenses incurred for the pet by the individual applying, including rabies, immunization shots or other medical expenses are covered by the $50.00 voucher we supply to the individual.
MCSNAP - Mountain City Spay / Neuter Assistance Program: This program was initiated by the humane society to help the Mountain City Animal Control officer get animals taken in from the county spayed or neutered and vetted allowing them to be sent to a rescue. Mountain City allots a certain amount of funding per year for her to get City animals prepped and ready to go to rescues. County animals are exempt from this funding and the Mountain City Animal Shelter must rely on donations to get them ready for relocation to a rescue. By utilizing multiple rescues, the shelter is able to keep the number of animals put down to a bare minimum. However, rescues will only accept animals that are fully ready for adoption. Since Johnson County stubbornly refuses to see the tremendous value of having animal control, many, many animals are left to suffer. MCSNAP is just one way in which we can help animals in the county. Please spread the word to any and all that this program is in dire need of supporters. 100% of all donations goes to the program.
JCHSI Programs funded by Charitable Donations:
A quick FYI concerning QCD's
Don’t believe us? Just ask Barkley, Lickurfayse and Errrrl, Attorneys at Paw.
Or check with your own tax advisor. Ours are just cuter.
If you would like to donate, you can send a check to P.O. Box 307, Mountain City, Tn. 37683. Please make sure to write in the notes section of your check where you would like your donation to go. (SNIP, MCSNAP or for unspecified donations to the General Fund). You can also go to the top of each page on the JCHSI website and donate via the PayPal Donate Button. Please make sure to specify in the notes section where you would like the donation to be posted. You can visit the JCHSI Facebook page at https://www.facebook.com/JCHSITN/ to further inquire about the donation process or call the JCHSI info line at
423-727-9468. For the MCSNAP program you can also reach out to the Mountain City Animal Shelter at 423-727-7880 to find out other ways you can help Johnson County animals.
Here are some links to web sites spelling out how it works:
https://www.irs.gov/publications/p590b#en_US_2020_publink100041439 (about 1/4 of the way down the page)