Staff at the Community Foundation of Anne Arundel County (CFAAC) appreciate how many attorneys, CPAs, and financial advisors recommend to clients age 70 ½ and older that they take advantage of Qualified Charitable Distributions (QCDs) from traditional IRAs. Your client can direct a QCD to a Designated Fund, Field of Interest Fund, Scholarship Fund, or unrestricted fund at CFAAC, or even directly to support CFAAC’s overall mission and work.

Because QCDs are so useful, we’re keeping an eye on pending legislation that might expand how your clients can use them. Congress continues to consider two bipartisan charitable giving bills: the Charity Parity Act (S. 2204/H.R. 4495), which would permit QCDs directly from employer-sponsored retirement plans, such as 401(k)s, in addition to traditional IRAs. The IRA Charitable Rollover Facilitation and Enhancement Act (S. 3975) would extend QCD eligibility to Donor Advised Funds. Neither proposal has advanced beyond committee, but both are still active and of course could meaningfully expand charitable giving options if enacted.

We will keep you posted!