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IRA $'s for Gift Cards

  • 1.  IRA $'s for Gift Cards

    Posted 12-16-2019 02:14 PM
    We had an event over the weekend in which we had a "gift card tree" (donated gift cards which we sold at face value).  We now have some donors asking of they could pay us for these gift cards out of their IRA account - Is this ok?

    ------------------------------
    Eydie Boor
    Supervisor Foundation Operations
    Gillette Children's Specialty Healthcare
    eydboor@gillettechildrens.com
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  • 2.  RE: IRA $'s for Gift Cards

    Posted 12-16-2019 02:18 PM
    That depends on what type of IRA distribution they are talking about.  QCDs must be used for charitable donations to qualified organizations.  So absolutely no for those.  But if it's and RMD, those funds have been taxed (or will be) and can be used for whatever the donor wants.

    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