Qualified Charitable Distribution also known as IRA Charitable Rollover

Qualified Charitable Distribution – An Easy Way to Make a Difference with Your IRA

Looking to maximize your charitable impact for Glenmary’s missions? If you are 70 ½ years old or older, Qualified Charitable Distributions (QCDs), also known as IRA Charitable Rollovers, are a great option for supporting causes important to you, like The Glenmary Home Missioners. Making a gift in this way may help lower your taxes as well.

Benefits of a QCD

  • You can avoid taxes on transfers of up to $100,000 from your IRA to Glenmary.
  • Donations to Glenmary from your IRA can satisfy your required minimum distribution (RMD) for the year.
  • You can reduce your taxable income, even if you do not itemize deductions.
  • You can make a gift that is not subject to the deduction limits on charitable gifts.
  • Your donation helps build the Catholic Church and meet community needs in Glenmary’s mission counties.

What is a Qualified Charitable Distribution (QCD)?

Per IRS requirements, persons with an IRA account must begin annual withdrawals after they turn 70½. These distributions usually count as income for tax purposes.  However, a Qualified Charitable Distribution given directly to a 501(c)(3) charitable organization, such as The Glenmary Home Missioners, from an IRA retirement account allows a taxpayer to avoid this taxable income.

A gift from your IRA can be in any amount up to a maximum QCD of $100,000 per year. If a married couple files jointly, each may contribute up to $100,000. IRA withdrawals made for charitable distributions, over the $100,000 limit, are recognized as taxable income.

It’s easy to get started – Contact your IRA plan administrator and request a gift be made from your IRA to Glenmary Home Missioners. Your IRA funds will be directly transferred to Glenmary to help continue our important work in the mission areas. Because of privacy requirements, some financial institutions do not include the donor’s name when transferring IRA funds. We would like to thank you for your support. So please let us know your gift is coming by calling us at 513 874-8900 or using our contact form.

We’ve also partnered with FreeWill to help make giving from your IRA easier than ever. You can complete a Qualified Charitable Distribution with this free online tool in under 10 minutes. 

Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.

If you have any questions about an IRA charitable rollover gift or you want your gift to be used for a specific purpose, please contact us at 513 874-8900 or use our contact form.

 

This information is not legal advice. A donor should seek the guidance of a qualified estate and/or tax professional to understand the consequences of a gift.