If you are 70½ years old or older, a QCD allows you to donate up to $105,000* directly from your Individual Retirement Account (IRA) to a qualified charity without having to include the distribution as taxable income. This can be particularly advantageous if you are subject to Required Minimum Distributions (RMDs), as QCDs can count towards fulfilling these annual requirements, potentially lowering your taxable income.
*This applies to the sum of QCDs made to one or more charities in a calendar year. If, however, you file taxes jointly, your spouse can also make a QCD from his or her own IRA within the same tax year for up to $105,000.
You may also wish to include our retirement assets in your planned giving by naming CFAAC as a beneficiary (or even a contingent beneficiary) of your IRA, 401K, 403b or similar retirement account. There is no cost to do so, and the beneficiary can be changed at any time; simply complete a short beneficiary form with your retirement plan administrator.
If you have any questions about an IRA charitable rollover gift or naming CFAAC as a beneficiary, please contact our Director of Gift Planning, John Rodenhausen at 410.280.1102 x 103 or via email at john@cfaac.org.