Make a difference today and save on taxes when you support Welvista through your IRA. If you’re 70-1/2 or older, you can donate up to $100,000 per tax year directly from an Individual Retirement Account (IRA).
Qualified Charitable Distributions (QCD)
IRA Qualified Charitable Distributions, otherwise known as IRA charitable rollovers or IRA gifts, are a great way to support our lifesaving work by allowing your dollars to go further. QCDs may be excluded from your taxable income and qualify towards your required minimum distribution (RMD).
How Does A Qualified Charitable Distribution (QCD) Work?
- You must be 70-1/2 or older at the time of gifting your IRA to charity.
- You may distribute an amount, up to $100,000 in a calendar year, to one or more public charities, as long as it is completed by December 31 of that year. QCDs cannot be made to a donor advised fund (DAF), charitable remainder trust, or charitable gift annuity.
- Your IRA administrator must make the distribution directly to the charity, or you may write a check to the charity from your IRA checkbook. Funds that are withdrawn by you and then contributed do not qualify.
Why Consider An IRA Qualified Charitable Distribution?
- Your gift will be put to use today, allowing you to see the difference your generosity is making.
- Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
- You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Next Steps to Make A QCD Gift
- Seek the advice of your financial or legal advisor to transfer funds to the charity you designate.
- To include Welvista in your plans, please use our legal name Welvista and federal tax ID #56-2034627.
- Call us at 803-933-9183 to let us know of your gift. Many retirement providers assume no responsibility for letting nonprofits know of your intentions.
- Help us credit your gift and thank you by having your IRA administrator identify you as the donor by including your name and address with your gift and note that the transfer is an IRA Qualified Charitable Distribution.
- Mail your QCD gift to the following address:
Mailing Address
Welvista
121 Greystone Boulevard
Columbia, SC 29210
We would love to talk to you about your intentions and to thank you personally for your generosity. Please contact Joanna Weitzel, Director of Philanthropy at 803-933-1924 or jweitzel@welvista.org.