Qualified Charitable Distributions

What is a QCD and how can it support the St. George’s Fund?
A Qualified Charitable Distribution (QCD) is a withdrawal from an Individual Retirement Account (IRA) that is sent directly to a charity (i.e. The St. George’s Fund). In other words, the funds don’t pass through your hands. You instruct your IRA custodian to send the funds straight to St. George’s.

Are you sure I am eligible to do this?
Are you 70 1⁄2 or older (at the time of the donation)? If you answered yes we are in luck!

What’s in it for me?
While you will be supporting St. George’s you will also be reducing your taxes. Once you reach 70 1⁄2 you are required to withdraw funds annually from your IRA and report the distributions as income on your tax returns. So, if you’re required to withdraw $10,000 from your IRA in 2018, that may increase your income this year by $10,000. Who wants to see their taxes get raised? Keeping your taxable income lower may reduce the impact to certain tax credits and deductions, including Social Security and Medicare.

How much can I contribute to St. George’s via a QCD?
You can transfer as much as $100,000 a year from your IRA to any combination of qualified charities, and none of that money would be taxed. And the limit is $100,000 a year per person - not per IRA.

When do I need to start working on this for my donation this year?
For a QCD to count towards your current year’s Required Minimum Distributions (RMD), the funds must come out of your IRA by your RMD deadline, generally Dec. 31. Don’t wait until Dec. 29 to get started! Recommendations are to reach out to your IRA adviser now.

You can learn more about QCDs on the IRS website.

For wiring instructions or any questions, please reach out to Director of the St. George's Fund Jennifer Breslin at 401-842-6741 or jennifer_breslin@stgeorges.edu.