Charitable IRA Transfers (QCDs)
If you are age 70 1/2 or older, you can transfer up to $100,000 each year directly from your traditional IRA account to the Catholic Student Center.
This smarter way to give may satisfy a portion or all of your annual required minimum distribution (RMD) and serve as a qualified charitable distribution for your IRA, which can save you on taxes even if you do not itemize! Contact your plan custodian to complete the IRA transfer. The Catholic Student Center’s tax identification number (EIN) is 52-0808418.
Important notes on Charitable IRA Transfers (QCDs):
- This special way to give only applies to traditional or ROTH IRAs. Other retirement plans, such as the 401k, 403b and others do NOT qualify.
- While The SECURE Act did change the required minimum distribution (RMD) age to 72 for those under 70 ½ as of December 31, 2019, it DOES NOT change the age eligibility for making a qualified charitable distribution (QCD) through an IRA. For those who are between 70 ½ and not yet 72, the QCD amount simply would not offset this year’s RMD because none are owed yet.
- The CARES Act removes RMD from all IRA owners for 2020. If you are age 70 1/2 or older, you may still support the Church through a qualified charitable distribution in 2020. However, since no RMD is owed in 2020, the gift will not offset any future RMD, except for the fact that the IRA account balance would be lower.
- If your IRA custodian provides you with an IRA checkbook where you can directly write the check to the Archdiocese of Washington, please consider mailing the check no later than December 10. Due to different IRS requirements for this type of transfer, we need the necessary time to process your generous gift.
Please be advised to follow the changes to this particular Charitable Transfers as they may change with new year’s tax laws – please consult a tax-advisor for best advice on using this method of giving, and allow our office time to process it each year. The years mentioned are current for the 2020 tax year.
Employer Matching Gifts
Did you know that tens of thousands of companies offer to match charitable gifts their employees make each year? If your company has a matching gift program, you may be able to enhance or even DOUBLE the impact of your gift to the Church! The CSC is already part of the Benevity and YourCause programs. We can be verified for most corporate matching programs. Reach out to Ann Gradowski for more information. firstname.lastname@example.org or 301-864-6223.