Here is a tax-smart way to make an impact to Episcopal High School using your qualified retirement plan. The IRA charitable rollover (also called the Qualified Charitable Distribution, or QCD) is a great way to make a tax-free gift to Episcopal High School and satisfy your Required Minimum Distribution.
How Do I Qualify?
- You must be 70 ½ years or older at the time of the gift.
- Gifts must go directly from your IRA to Episcopal High School.
- Gifts must come from a traditional IRA or Roth IRA account.
- Gifts cannot exceed $100,000 per donor.
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 Episcopal High School.
How can I make a charitable IRA rollover?
- Your IRA administrator can help you make a Qualified Charitable Distribution from your IRA. Be aware that many administrators require you to use their QCD distribution form and comply with other requirements. Please note that it is important to follow your financial institution’s forms and procedures to ensure you receive the tax benefits of a QCD.