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IRA CHARITABLE ROLLOVER

The Qualified Charitable Distribution (QCD) is sometimes called an IRA charitable rollover.

If you are 70½ or older and own an IRA, you can transfer funds directly from your IRA directly to a qualified non-profit like ALA. This IRA Qualified Charitable Distribution (QCD) will count against your required distribution, reducing your adjusted gross income for taxes. You must act before December 31 to benefit. Best of all, it is an easy way to help share God’s Word with students at ALA.

The IRA Charitable Rollover is a great way to support ALA, your church, or other ministry!

Here is a recap of the details:

  • Donors must be 70½ or older.
  • Funds must come from a traditional IRA.
    401(k), 403(b), and other retirement plans do not qualify for the IRA Charitable Rollover.
  • The maximum gift transfer is $100,000; there is no minimum.
  • Transfers must go to a recognized charitable organization; your church and ALA qualify.
  • Donors do not need to transfer their entire Required Minimum Distribution (RMD) as a charitable gift. You can split your RMD between personal income and a donation.
  • The transfer counts toward your RMD which reduces your taxable income.
  • The gift must be processed before the end of the calendar year.
  • You must request the IRA Charitable Rollover through you plan’s account representative and have the money sent directly to the charity. Be careful! The money cannot go to you first.

Download a sample letter to mail or email your IRA administrator.

IRA_Rollover_request_donor_letter_MLHSDownload