QCD….quintessential cute dog? Quiet cats and dogs? Not quite, but a QCD still has something to do with pets.
It stands for Qualified Charitable Distributions from retirement accounts, and you can donate your distribution to Connecticut Humane Society pets and receive a tax break at the same time!
People who are 72 years old and up can make a QCD to a charity like CHS as part of a required minimum distribution from their 401K and/or IRA retirement accounts. Per federal law, they must take a minimum distribution each year, even if they don’t need the money at that point.
And if you keep the cash after withdrawing it from your retirement accounts, you must pay taxes on the amount.
But when you transfer it directly to CHS pets? You’re exempt from paying income tax on it. Win-win!
The bank or financial advisor holding the account makes the distribution, and they must be done by December 31. The deadline is coming up!
CHS volunteer Valerie Juengst sees firsthand how much the pets need, especially when she fosters pets and brings them back to CHS for medical care. That’s why she donates her retirement account distributions to CHS pets.
“It’s a wonderful way of giving. It’s a super tax benefit. And it can be any portion of the required minimum distribution,” Valerie added.
“I’ve always been drawn to creatures who don’t have their own voice,” said Valerie, who has two CHS alumni dogs, Bella, Luna and Cinnamon. “Since I retired five years ago, I’ve been volunteering at CHS. I’m so devoted to it because it’s a wonderful organization.”
To inquire about donating your Qualified Charitable Distribution to CHS pets and how to reap the tax benefits, contact Kerry Garofano at 860-594-4502, ext. 6328.