Use Your IRA To Donate: A Tax-Saving Way to Help the QLIA

Make a difference today and save on taxes. It’s possible when you support the QLIA  through your IRA.

A Special Opportunity for Those 70½ Years Old and Older

If you are age 70.5 or older you can donate up to $100,000 per year to QLIA without having to recognize income on the sums withdrawn on your federal income tax return. The IRA Qualified Charitable Distribution also counts toward your required minimum distribution.

The IRA Qualified Charitable Distribution provides you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate.

To qualify:

  •   You must be age 70½ or older at the time of gift.

  •   Transfers must be made directly from a traditional IRA account by your IRA administrator to QLIA. Funds that are withdrawn by you and then contributed do NOT qualify. Gifts from 401k, 403b, SEP and other plans do not qualify.

  •   Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.

Benefits — Qualified Charitable Distributions

  •   Can total up to $100,000

  •   Are not included in your gross income for federal income tax purposes on your IRS Form 1040 (no charitable deduction is available, however).

  •   Count towards your required minimum distribution for the year from your IRA.

What is the procedure to execute an IRA Charitable Rollover? Contact your IRA administrator to initiate this process. Make sure that you contact us when you direct the rollover so we can look for the check from your IRA administrator.

Important: Be sure to check with your financial advisor to determine whether this provision is right for you. This information is not meant as tax or legal advice.  If you have questions about how tax reform impacts your donations to QLIA we recommend that you speak to your financial advisor or tax attorney.