What is a qualified charitable distribution?
A qualified charitable distribution (QCD) is a distribution of funds from your IRA directly to a qualified charitable organization, such as the Shrine of Our Lady of Guadalupe. Because the gift goes directly to the charity without passing through your hands, the dollar amount of the gift may be excluded from your taxable income up to a maximum of $100,000 annually, with some exceptions. Please consult your tax advisor for information regarding your specific exceptions. To learn more about QCDs, please visit IRS.gov
Who can make a qualified charitable distribution?
QCDs can be made by IRA owners who are age 70 1/2 or older. QCDs made prior to the age you are required to take a minimum distribution from your retirement assets (pre-Required Minimum Distribution QCDs) will not reduce or otherwise impact future Required Minimum Distribution. Your tax advisor can provide additional information on your particular situation.
Many individuals who are required to take money from their IRA but do not need it for living expenses have chosen to make QCDs from their IRAs to support the Shrine of Our Lady of Guadalupe. This may make sense for you too!
