Support Benedictine Foundation with a gift that fits your financial and tax planning needs. Cash gifts and Qualified Charitable Distributions (QCDs) from an IRA offer flexible, tax-efficient ways to contribute to our mission, each with unique benefits.
Option 1: Cash Gift
A cash gift is a straightforward way to support Benedictine Foundation. A cash gift typically is deductible from your income tax and can be an excellent way to make an immediate impact on the programs you care about.
- Immediate Tax Deduction: You can claim an income tax charitable deduction in the year of your gift for the full amount of your cash gift, subject to IRS limitations. You may carry forward any unused deduction for up to five additional years.
- Flexible and Easy: You can make a cash gift as a one-time donation or set up recurring contributions, whichever best achieves your goals.
- Direct Impact: Cash donations provide immediate funding for Benedictine Foundation’s programs.
Option 2: Qualified Charitable Distribution from Your IRA
A Qualified Charitable Distribution (QCD), sometimes called an “IRA Charitable Rollover,” is a tax-smart way to support Benedictine Foundation directly from your IRA.
Benefits
- Avoid Additional Taxable Income: Unlike regular IRA withdrawals, which are taxable, a QCD allows you to avoid income tax on your gift. This is especially valuable if you are looking to reduce your tax burden in retirement.
- Satisfy Your Required Minimum Distribution (RMD): A QCD counts toward your annual RMD, making it a smart choice if you are 73 or older and want to meet IRS requirements while supporting a cause you care about.
- No Need to Itemize: Even if you do not itemize deductions on your tax return, you can still take full advantage of a QCD’s tax benefits.
- Direct Your Impact: You may designate your gift toward a specific program or area of interest within Benedictine Foundation.
How to Qualify
To benefit from a QCD, please ensure that you meet these requirements:
- Age: You must be 70½ or older at the time of your gift.
- Direct Transfer: The funds must go directly from your IRA to Benedictine Foundation.
- Annual Limit: For 2025, your QCD gifts are capped at $108,000.
- Traditional IRA or Inherited IRA: Your QCD gifts must be from a traditional or inherited IRA (inactive SIMPLE IRAs and inactive SEPs are also eligible).
What is a Required Minimum Distribution?
When you are age 73 or older, you must take a Required Minimum Distribution (RMD) from your IRA each year. You must include your RMD in your taxable income, which increases your income tax and may have other tax effects, such as increasing the cost of your Medicare insurance. The fraction of your IRA balance that you must withdraw increases each year.
How to Get Started
- To Make a Cash Gift: You can donate online, by check, or set up a recurring gift through our website.
- To Arrange a QCD: Contact your IRA administrator and request a Qualified Charitable Distribution to Benedictine Foundation. This ensures that your distribution is sent tax-free to us. Be sure to let us know your plans, so we can assist and acknowledge your gift.
Consult with Your Advisors
We encourage you to consult your financial and tax advisors to maximize the benefits of your cash gifts and QCDs. Both options provide meaningful ways to support a mission you care about while offering potential tax advantages.
Thank you for considering a generous gift to help sustain Benedictine Foundation.