Qualified Charitable Distributions
(Also referred to as Charitable IRA Rollover Gifts)
Did you know the gift of a Qualified Charitable Distribution (QCD) benefits donors aged 70 ½ and up?
The Qualified Charitable Distribution is an excellent way to show your support for Dowling St. Joseph Alumni Foundation AKA Dowling Catholic Foundation and receive tax benefits in return. Whether you are planning your required minimum distribution (RMD) or not, consider making a gift from your traditional IRA to make the most of your charitable giving. You receive a tax benefit even if you take the standard deduction!
It’s important to consider your tax situation before deciding whether to make a charitable contribution from your IRA. Be sure to share this gift plan with your financial advisor.
- You must be 70 ½ or older at the time of the gift.
- Distributions must be made directly from a traditional IRA account by your IRA administrator.
- Gifts must be outright, meaning they go directly to Dowling St. Joseph Alumni Foundation AKA Dowling Catholic Foundation. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.
- Gifts from 401(k), 403(b), SEP and other plans do not qualify. Ask your financial advisor if it would make sense for you to create a traditional IRA account so you can benefit from an IRA Qualified Charitable Distribution.
- IRA Qualified Charitable Distributions are excluded from gross income for federal income tax purposes on your IRS Form 1040.
- The gift counts toward your required minimum distribution for the year in which you made the gift.
- You could avoid a higher tax bracket that might otherwise result from adding an RMD to your income.