Thank you, John. Our standard gift receipt does not state the Plan Administrator, is that required?
Thanks again.
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Dena Toth
Medical University of South Carolina Foundation
tothd@musc.edu------------------------------
Original Message:
Sent: 02-28-2024 02:19 PM
From: John Taylor
Subject: IRA Receipts-Acknowledgements
I have found that your standard gift receipt works for both forms of distribution. So, no special programming should be needed. However, the receipt should indicate which type of distribution you have received.
And you do need to determine the type of distribution. How the donor reports the distribution on their tax return differs between the two types. Further, there are restrictions on what you can do with a QCD (no benefits!). Therefore, if you cannot tell, you should contact the IRA custodian and ask them.
If you cannot tell, then you may need to add a sentence on the receipt indicating they must seek guidance from their tax advisor to determine the distribution form and reporting requirements.
John
John H. Taylor, PrincipalJohn H. Taylor Consulting, LLC
2604 Sevier Street
Durham, NC 27705
919.816.5903 (cell/text)
Serving the Advancement Community Since 1987
Original Message:
Sent: 2/28/2024 3:08:00 PM
From: Dena Toth
Subject: IRA Receipts-Acknowledgements
Our tax status was recently changed which now allows us to accept donations through IRA Charitable Rollovers. Could we use the same acknowledgement/thank you for both RMD's and QCD's or would they need to have different language? How would one know if the rollover was from RMD or QCD? Also, is it a requirement that the IRS code be referenced in the acknowledgements for IRA rollovers?
Thanks in advanced!
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Dena Toth
Medical University of South Carolina Foundation
tothd@musc.edu
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