The IRA Gift (QCD)
Your IRA can provide a tax-smart way to make an impact with Cooley Dickinson Health Care now. The Qualified Charitable Distribution or QCD (sometimes called an “IRA Charitable Rollover”) is a great way to make a tax-free gift now to Cooley Dickinson Health Care and satisfy your Required Minimum Distribution (RMD), too.
“We have been making charitable gifts directly from an IRA because they reduce the taxable portion of the minimum distribution required of us senior citizens. So, even though we have not been able to itemize our deductions (and there is no charitable deduction for the Massachusetts income tax) we get the same result on our federal and state taxes. The administrator of the IRA is now set up to make such gifts easily, and even to send the check (payable to the charity) to us for sending along to the charity. It’s a no-brainer to help the charities, like Cooley Dickinson Hospital, that are important to us.”
– Kent and Scottie Faerber
How Do I Qualify?
The Qualified Charitable Distribution (QCD) offers multiple benefits for making gifts from your IRA.
- You must be 70½ years or older at the time of the gift.
- Gifts must go directly from your IRA to Cooley Dickinson Health Care.
- Gifts cannot exceed $100,000 per donor per year.
Benefits of Qualified Charitable Distribution
- If you don’t itemize your income tax deductions, a QCD offers all of the benefits of an itemized income tax charitable deduction
- If you are age 72 or older and must take a Required Minimum Distribution RMD, a QCD gift 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 Cooley Dickinson Health Care.
How Can I Make an IRA Charitable Rollover?
Contact your IRA administrator to request a Qualified Charitable Distribution from your IRA to CDHC.