Here is a tax-smart way to make an impact to Benedictine Foundation using your traditional or Roth IRA. The IRA charitable rollover (also called the Qualified Charitable Distribution, or QCD) is a great way to make a tax-free gift to Benedictine Foundation and satisfy your Required Minimum Distribution (RMD). If you are not required to take an RMD but no longer itemize your deductions, then a QCD may be right for you as well.
How Do I Qualify?
The IRA charitable rollover (QCD) offers multiple benefits for making gifts from your traditional or Roth IRA.
- You must be 70 ½ years or older at the time of the gift.
- Gifts must go directly from your IRA to Benedictine Foundation.
- Gifts must come from a traditional IRA or Roth IRA account.
- Gifts cannot exceed $100,000 per donor per year.
Benefits of an IRA Charitable Rollover Gift
- If you don’t itemize deductions and are not yet required to take your RMD, a QCD offers all of the benefits of an itemized income tax charitable deduction
- If you are age 72 or older and must take your RMD, a QCD can satisfy your RMD without increasing your income taxes.
- You may direct your gift to a program or area of your choice.
- It is a wonderful way to create an immediate impact on Benedictine Foundation.
How can I make an IRA Charitable Rollover?
Contact your IRA administrator for their QCD distribution form and information on the procedure to make such a gift.