IRA or Retirement Account Giving

Donating to Common Cause through your IRA or other retirement accounts can be a tax-efficient way to support our mission. Here’s how it works and the benefits it provides: 

To include Common Cause as a beneficiary of your retirement or other financial planning plan, simply complete a “Change of Beneficiary” form with your plan provider.  

You will need the following information to complete the form: 

Fonds d'éducation pour une cause commune
Attn: Sam Anderson-Chinnes
805, 15e rue Nord-Ouest, bureau 800
Washington, DC 20005
Tax ID number 31-1705370 

If you have any questions about making an IRA or retirement plan gift, or need further details, please don’t hesitate to contact the membership team at donner@commoncause.org. 

Qualified Charitable Distributions (QCDs) 

1. Eligibility:

• Age Requirement: You must be at least 70½ years old to make a Qualified Charitable Distribution (QCD) from your IRA.
• Account Type: The QCD must come from a traditional IRA, though some employer-sponsored retirement plans may be eligible if they are rolled over into an IRA first.

2. Tax Benefits:

• Avoiding Income Taxes: QCDs are excluded from your taxable income. This can be advantageous because it might help you avoid higher income tax brackets and potential taxation on Social Security benefits.
• Required Minimum Distributions (RMDs): QCDs count towards your required minimum distributions (RMDs), which you must start taking at age 73. By directing these distributions to charity, you can reduce your taxable income.

3. Contribution Limits:

• Annual Limit: You can donate up to $100,000 per year directly from your IRA to a qualified charity like Common Cause.
• Married Couples: If both spouses have IRAs and are at least 70½, each can donate up to $100,000, totaling $200,000 per year.

How to Make a QCD to Common Cause 

4. Contact Your IRA Custodian:

• Inform your IRA custodian that you want to make a Qualified Charitable Distribution to Common Cause. They will provide the necessary forms and instructions.

5. Provide Charity Information:

• Supply your custodian with the following details about Common Cause:
• Legal Name: Common Cause Education Fund
• Address: 805 15th Street NW, Suite 800, Washington, DC 20005
• Tax ID Number: 31-1705370 

6. Specify the Amount:

• Indicate the amount you wish to donate. Remember, the distribution must be made directly from your IRA to Common Cause to qualify as a QCD.

7. Keep Records:

• Retain a copy of the letter of instruction to your IRA custodian and any correspondence from Common Cause acknowledging your donation. This documentation is essential for your tax records.

Additional Considerations 

8. Non-IRA Retirement Accounts:

• If you have other retirement accounts, such as a 401(k) or 403(b), you may need to roll these funds into a traditional IRA before making a QCD.

9. Tax Planning:

• Consult with a tax advisor to understand the impact of QCDs on your overall tax situation. This can help you maximize the benefits of your charitable giving strategy.

10. Timing:

• Ensure the distribution is completed by December 31st if you want it to count toward your RMD for the current year. Initiate the process early to avoid any delays.