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  • 1.  IRA Check

    Posted 12-07-2022 08:23 AM
    We received what looks like a personal check, but it says "IRA Rollover." Would it be processed like a regular donation on the donors record and issue a tax receipt?
    Thank you,
    Tammy

    ------------------------------
    Tammy Cline
    Asst Director of Advancement Svcs
    The West Point Association of Graduates
    tammy.cline@WPAOG.ORG
    ------------------------------


  • 2.  RE: IRA Check

    Posted 12-07-2022 08:38 AM
    Yes.  Many financial institutions are permitting individuals to write their distribution checks.  However, the "IRA Rollover" reference should be pre-printed on the check.

    Your receipt should include the same reference.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987




    Original Message


  • 3.  RE: IRA Check

    Posted 12-07-2022 08:39 AM

    Thank you for the clarification.

     




    Original Message


  • 4.  RE: IRA Check

    Posted 12-07-2022 08:41 AM
    Would it be tax-receipted?

    Tina Gorski-Strong, P '23
    Chief Advancement Officer
    Bancroft School
    508.854.9201
    Pronouns: she, her, hers

    Join me in making a gift to the Bancroft Fund today!
    Every Donor Counts!

    When we give cheerfully and accept gratefully, everyone is blessed.
    ~Maya Angelou





    Original Message


  • 5.  RE: IRA Check

    Posted 12-07-2022 08:47 AM
    All IRA distributions require a tax receipt - both RMDs and QCDs.

    And RMD is the donor's asset and is deductible like any other gift.

    QCDs are not tax-deductible, but they are non-taxable withdrawals.  The IRS requires reporting those on a tax return - but not under the charitable donation section.  So a descriptive receipt for those is also required.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987





    Original Message


  • 6.  RE: IRA Check

    Posted 12-07-2022 09:07 AM
    BTW, as a tax-free withdrawal, QCDs must be used for 100% charitable purposes.  This means the donor cannot receive any benefits or QPQs, although tchotchkes (token benefits) are permitted.

    Should a QCD donor file a matching gift claim, you will first want to contact the employer.  As these are not tax-deductible gifts, some employers will not match a QCD distribution (but will match RMDs).

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987





    Original Message


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