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 donating to causes important to you, like The Glenmary Home Missioners. Donating 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 donation 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)?
A Qualified Charitable Distribution is a donation given directly to a 501(c)(3) charitable organization, such as The Glenmary Home Missioners, from an IRA retirement account. If you are above the age of 70.5 and have a Traditional IRA, you are eligible to make a QCD.
Per IRS requirements, persons with an IRA account must begin annual withdrawals (Required Minimum Distribution) after they turn 73 . (The Legacy IRA Act, enacted in December 2022, increased this age from 72 to 73 for individuals who turn 72 after December 31, 2022, and turn 73 before January 1, 2033.) These distributions (RMD) 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. Glenmary’s tax ID number is 31-0537070.
A donation 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 donation 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.
Your IRA administrator will need this information:
Legal Name: Glenmary Home Missioners
Legal Address: 4119 Glenmary Trace, Fairfield, Ohio 45014
Federal Tax ID: 31-0537070
Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
If you have any questions about a Qualified Charitable Distribution from your IRA or you want your donation 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.