What is a Qualified Charitable Distribution (QCD)?
When individuals take distributions from their IRAs, it usually counts as income for tax purposes. QCDs, also called IRA Charitable Rollovers, are an exception. Individuals 70½ years of age or older can distribute up to $100,000 each year from their IRAs to their favorite 501(c)(3) organizations without counting the distribution as income.
Making a QCD can be an option to lower your income taxes while doing good for others. If you’re age 72 or older, QCDs count toward your Required Minimum Distribution (up to $100,000), effectively lower your adjusted gross income and often bring about many tax benefits. The penalty for missing an RMD is 50% of the amount that was supposed to have been distributed.
Please consult your tax advisor for information regarding your specific exceptions.
To learn more about QCDs, please visit IRS.gov
How to make a qualified charitable distribution to RMHCPT?
Your qualified charitable distribution must be made directly from your IRA custodian to RMHCPT on your behalf.
Please have them make checks payable to:
Ronald McDonald House Charities® of the Piedmont Triad
419 South Hawthorne Road
Winston-Salem, NC 27103
Have you already made your qualified charitable distribution?
If you’ve already made a gift to RMHCPT, thank you! To ensure we are able to thank you properly, please complete the following form:
*Please note that RMHCPT does not provide tax or legal advice. Speak with your professional tax and/or legal advisor with questions about Qualified Charitable Distributions and gifts to RMHCPT.
