Qualified Charitable Distributions
If you’re 70-1/2 or older, you can donate up to $100,000 per tax year directly from your Individual Retirement Account (IRA) to Friends of Animals (FoA).
Qualified Charitable Distributions (QCD), also known as IRA charitable rollovers or IRA gifts, allow your donation dollars to potentially be excluded from your taxable income and qualify towards your minimum distribution (RMD).
IRA Charitable Rollover Rules:
- You must be 70-1/2 or older when gifting your IRA to charity.
- You can distribute up to $100,000 in a calendar year to one or more public charities, completing it by December 31.
- The distribution must be made directly from your IRA to the charity. Writing a check from your IRA checkbook qualifies, but funds withdrawn by you and then contributed do not.
Benefits of Making an IRA Gift:
- QCDs count toward your required minimum distribution for the year.
- If you don’t need the funds, QCDs help you avoid paying income tax on your gross income up to $100,000.
Per IRS regulations, QCDs cannot be made to a donor-advised fund (DAF), charitable remainder trust, or charitable gift annuity. However, they can be made to charitable organizations like Friends of Animals for specific programs outside of your DAF. For more information on QCDs and DAFs, contact your IRA administrator.
How to Make an IRA Qualified Charitable Distribution:
- Instruct your IRA administrator to transfer funds to the designated charity.
- Ensure your full name and mailing address are included on the gift, and specify that it’s an IRA Qualified Charitable Distribution.
- If making a QCD gift, have your financial institution make the check out to “Friends of Animals, Inc.” and identify you as the donor. Mail it to:
Friends of Animals
777 Post Rd. Ste. 205
Darien, CT 06820
- Complete the form below so we can identify your donation upon arrival.