IRA Qualified Charitable Distribution (QCD)
Are you 70½ Years Old and Older ? Learn more about this special tax incentive.
You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as the Tsoknyi Humanitarian Foundation without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference for the Tsoknyi Nuns.
Why Consider This Gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making.
- If you are 72 or older, IRS rules mandate an annual Required Minimum Distribution (RMD) from your IRA.
- Beginning in the year you turn 72, you can direct the RMD from your IRA to THF and 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 is a charitable deduction, so you benefit even if you do not itemize your deductions.
- Since the gift doesn’t count as income, it can lower your marginal income tax bracket. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
How to make a Qualified Charitable Distribution (QCD)?
- Contact your investment advisor or custodian and direct them to make the QCD to the Tsoknyi Humanitarian Foundation.
You can also make THF the charitable beneficiary of your IRA upon your death by listing THF as your beneficiary designation with your IRA provider.
If you’ve directed your QCD to THF or made THF the charitable beneficiary of your IRA, please let us know so we can thank you! Notifying us will enable us to plan for the use of your gift. Please contact our Planned Giving Director, Michael Kunkel, at [email protected] to let us know.