When planning your IRA withdrawal strategy, you may want to consider making charitable donations through a QCD. A qualified charitable distribution (QCD) is a distribution of funds from your IRA account directly to a qualifying charity, like Schurig Center. IRA owners 70½ years of age and older are eligible.
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. These distributions can satisfy all or a part of your required minimum distribution (RMD). To learn more about QCDs, please visit IRS.gov or consult with your financial advisor.
How do I make a qualified charitable distribution to Schurig Center?
Your QCD must be made directly from your IRA custodian to Schurig Center on your behalf. Each financial institution has its own process for initiating a QCD. The IRA owner may take a check from the IRA custodian made out to the charity and deliver it, but cannot, at any time, have access to the funds.
Use this information when requesting a QCD:
Legal Name: Marin Brain Injury Network
Tax ID #: 68-0105213
Address: 1132 Magnolia Avenue, Larkspur, CA 94939
Make your gift by December 31 for your gift to qualify in this current year.
I am turning age 70½ in a few months. May I make a QCD gift now?
No. Legislation requires you to reach age 70½ by the date you make a QCD gift.
I have two charities I’d like to support. May I give $100,000 from my IRA to each charity?
No. Per legislation, you may only give a maximum of $100,000 in total. In this example, you might consider giving each charity $50,000 or any other combination that totals $100,000 or less. Any amount above $100,000 in one year must be reported as taxable income.
I have several retirement accounts. Does it matter which type of retirement account I use?
Yes. Direct rollovers to a qualified charity may only be made from an IRA. If you have a pension, profit sharing, 401(k) or 403(b) plan, you must first roll over all or a portion of that plan to an IRA. You may then use the funds from the IRA to complete a QCD to a qualified charity. Speak with your plan administrator for guidance regarding your specific situation.
Can I use a QCD to pay for tickets, item purchases, or a sponsorship?
No. Donors cannot receive any benefit for making a qualified distribution to a charity. For example, a QCD cannot be used to purchase something in a charity auction or purchase tickets for a charity golf tournament.
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This information is not intended as legal or tax advice. For such advice, please consult your financial advisor or tax advisor.