Donations Through Your IRA
Donating to the Hillsboro Community Foundation through an Individual Retirement Account may help you stretch your charitable giving dollar and reduce taxes. If you meet the age requirements, you can make a Qualified Charitable Distribution from your IRA directly to certain charities, including many of the funds at HCF. You won’t pay income tax on the distribution, and it counts toward your Required Minimum Distribution obligation.
Another IRA-related consideration is to designate HCF as one of the beneficiaries for a portion of your IRA balance. There are various tax efficiencies in doing so that involve estate taxes and income taxes depending on your situation.
Always consult your tax or financial advisor when considering an IRA donation or charitable beneficiary designation.