The new tax reform act may limit the benefit of income tax charitable deductions for some. However, donors can still receive tax benefits using the IRA Charitable Rollover (also known as a Qualified Charitable Distribution or QCD). The IRA Charitable Rollover is now permanent and is a terrific way to make a tax-free gift to Buckingham Browne & Nichols School using your retirement plan. This gift may also satisfy your Required Minimum Distribution (RMD).
How Do I Qualify?
Benefits of an IRA Charitable Rollover:
Your IRA administrator can help you make a qualified charitable distribution from your IRA. Be aware that many administrators require you to use their QCD distribution form and comply with other requirements. Failure to use the proper forms and procedures may result in your not receiving the tax benefits of a QCD. If you are interested in making such a gift we are happy to assist. Please contact:
Leadership and Planned Giving Officer
Important Note: Many large IRA administrators now offer IRA owners the option to write checks off their IRA account. However, the date of gift is not established when you put the check in the mail. Rather, the Qualified Charitable Distribution (QCD) rules require action by the IRA administrator, which means the date of gift is established when the IRA administrator transfers funds after the charity deposits the check. If you mail an IRA check in late December and the charity doesn’t cash it until early January, two problems occur:
We encourage you to make your charitable IRA rollover gifts several weeks before the end of the year if writing your own check.