Qualified Charitable Distributions
Giving from your IRA
Individuals over the age of 70 1/2 can make charitable gifts directly from Individual Retirement Accounts (IRAs) and avoid taxes on withdrawals.
IRA gifts offer a variety of benefits for you and for the charities that you support. Charitable distributions from your IRA (often called “charitable rollovers” or “qualified charitable distributions/QCDSs“) are an easy way to give from your appreciated assets.
When these gifts are made directly from your IRA to a charity, the distribution is not included in your taxable income. This means you can avoid federal income tax that would otherwise be due on IRA withdrawals. Plus, any gifts you make directly from your IRA will be counted toward your annual required minimum distribution.
To qualify:
-You must be 70 1/2 or older at the time you make your gift;
-The transfer must go directly from your IRA to John Clarke Senior Living to avoid income tax obligation;
-Your total charitable giving from your IRA cannot exceed $110,000 annually;
Your financial advisor and/or accountant can provide more information and should be consulted.
IRA gifts often arrive to our office without identification, so please email donations@johnclarkeseniorliving.org to let us know that your gift is on its way. We will need to know your IRA administrator and the amount of your distribution so that we can easily identify and acknowledge your gift.