IRA Qualified Charitable Distribution
Making a Charitable Gift from Your IRA (Qualified Charitable Distribution)
If you’re age 70½ or older, you can make a Qualified Charitable Distribution (QCD) — a direct gift from your IRA to a qualified charity, like the Parkland Education Foundation.
This type of gift can count toward your Required Minimum Distribution (RMD) while reducing your taxable income, since the funds go directly to the charity instead of to you first.
Key Age Rules
- Age 73: If you turned 73 in 2023 or later, your first RMD is due for the year you turn 73.
- Age 75: The age will increase to 75 for those who turn 75 in 2033 or later.
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QCD Eligibility: You can begin making QCDs at age 70½
What You’ll Need to Make a QCD
Ask your IRA custodian to make the check payable directly to your chosen charity and mailed to their address.
Typically, you’ll need to provide:
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Name of charity
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Mailing address
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Donation amount
Example:
Payable to: Parkland Education Foundation
Address: 1210 Springhouse Rd Allentown, Pa 18104
Important Tax Information
You’ll receive a tax form (Form 1099-R) showing the IRA distribution.
Be sure to let your tax preparer know that your gift was a Qualified Charitable Distribution, so it is not counted as taxable income.
Timing Reminder
QCDs and RMDs must be completed by December 31 to count for the current tax year.
Now is a great time to plan your gift!