Giving via a Qualified Charitable Distribution (QCD)
Some supporters of Parkway Playhouse may be able to take advantage of the opportunity to make a Qualified Charitable Distribution (QCD). A QCD is a nontaxable distribution made directly by the administrator of an IRA to a qualified public charity such as Parkway Playhouse.
Benefits of QCD include:
- The gift comes from your IRA, using pre-tax dollars.
- The gift amount is excluded from your taxable income.
- The gift amount can be applied towards this year’s required minimum distribution (RMD) requirements.
Basic requirements and limitations for a QCD include:
- The donor must be at least 70½ years of age at the time of the distribution.
- The distribution must be from an IRA.
- The distribution must be made directly from the IRA administrator to a qualifying charity such as Parkway Playhouse.
- Qualified Charitable Distributions are limited to $100,000 per individual per year (so a spouse who qualifies may give a similar amount from his or her IRA).
To make a Qualified Charitable Distribution to Parkway Playhouse:
1. Instruct your IRA administrator to make the check payable to “Parkway Playhouse of Burnsville, Inc” (EIN 56-0858217) and send the check to:
Parkway PlayhousePO Box 1432Burnsville, NC 28714-1432
2. Notify us that the distribution is being made so we may ensure that your donation is credited properly. You may notify us by mail at the above address or by email at [email protected]. In this communication, please include:
- the donor’s name,
- mailing address,
- name of IRA administrator, and
- amount contributed.
Please contact us at [email protected]
or 828-682-4285 if you have questions or would like additional information about making a QCD to Parkway Playhouse. See the Qualified Charitable Distributions section of IRS publication 590B or contact your Tax Advisor for additional information about QCDs.