Versiti - Qualified Charitable IRA Distributions | Versiti Blood Research Institute Foundation

Qualified Charitable Distributions

Make a qualified charitable distribution from your IRA and receive tax benefits in return.

Qualified Charitable Distribution

Did you know that the gift of a qualified charitable distribution (QCD) benefits donors aged 70 ½ and up?

As you plan your charitable giving, consider using your IRA account to make the most of your philanthropic donations. You receive a tax benefit even if you make the standard deduction.

It’s important to consider your tax situation before deciding to make a qualified charitable contribution from your IRA. Be sure to share this plan with your financial advisor.

Donna Oleniczak
Stewardship & Gift Administration

What is a QCD and do you qualify?

  • You must be 70 ½ or older at the time of the gift.
  • Qualified charitable deductions must be made directly from a traditional IRA account by your IRA administrator to Versiti Blood Research Institute Foundation.
  • Gifts must be outright, meaning they go directly to Versiti. QCDs to donor-advised funds or life-income arrangements, such as charitable remainder trusts and charitable gift annuities, do not qualify.
  • Gifts from a 401(k), 403(b), SEP and other plans do not qualify. Ask your financial advisor if it makes sense for you to create a traditional IRA to benefit from IRA rollover charitable giving.

Yes. IRA-qualified charitable distributions are excluded as gross income for federal income tax purposes on your IRS Form 1040.

No, these are not eligible.

Yes. Every individual who is the owner of a traditional IRA can use the qualified charitable distribution for up to $100,000 each year.

Yes. Once you reach 72, you must take required minimum distributions (RMDs) from your retirement plans each year, according to a federal formula. QCDs count toward your minimum required distribution for the year in which you make the gift. You could avoid a higher tax bracket that might otherwise result from adding an RMD to your income.

Charitable contributions from IRAs must go directly to the Versiti Blood Research Institute Foundation. If you wish to help us with a gift from another retirement asset, such as a 401(k) or 403(b), you must first roll those funds into an IRA. Then you can direct the IRA administrator to distribute the funds from the IRA directly to Versiti.

Speak with your financial advisor to discuss your gift plan options.

Up to $100,000 per year. The distribution must be outright to charity.

We will give you full credit for the entire gift amount. You will also receive a letter, which states that the gift qualifies as a QCD to use for tax reporting purposes

Federal: You do not recognize the distribution to VBRIF as income, provided it goes directly from the IRA administrator to us. Therefore, you are not entitled to an income tax charitable deduction for your gift.

State: Each state has different laws, so you will need to consult with your own advisors. Some states have a state income tax and will include this distribution as income. Within those states, some will allow for a state income tax charitable deduction and others will not. Other states base their income tax on the federal income or federal tax paid. Some states have no income tax at all.

The QCD allows individuals 70 ½ and older to make charitable contributions from an IRA up to $100,000 per year to 501(c)(3) charities without having to count the distributions as income for federal income tax purposes. No charitable deduction may be taken, but distributions will qualify for all or part of the IRA owner’s required minimum distributions.

Individuals 70 ½ and older at the time of the contribution. You must wait six months after your 70th birthday to make the transfer.

Planned giving information presented by Versiti is not offered as legal or tax advice. Be sure to check with your financial advisor to determine whether this gift plan is right for you.

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