Qualified Charitable Distributions (QCDs)
The Qualified Charitable Distribution (QCD), also known as the “charitable IRA rollover” continues to be a tax-savvy way to give for those who qualify. Whether you give due to a tug on your heartstrings or consider charitable donations an integral part of your financial plan, the Qualified Charitable Distribution (QCD) can help you leverage your support – and minimize your taxation.
This provision allows those who qualify to exclude transfers of Individual Retirement Account (IRA) assets made directly to public charities, including Bucknell University, from their taxable income – and count it toward their required minimum distribution if of the age where distributions are mandatory.
To support Bucknell by making a Qualified Charitable Distribution, you must:
- Be 70 ½ years or older at the time of the gift
- Have a traditional or Roth IRA
- Transfer funds, not exceeding $100,000 per year, directly from your IRA to Bucknell
Benefits of making a Qualified Charitable Distribution in support of Bucknell include:
- Gifts make an immediate impact by advancing Bucknell’s mission
- Gifts count toward your required minimum distribution (RMD) now beginning at age 72
- Gifts are not included in, and therefore not taxed as, income for federal tax purposes
- Simulates an itemized income tax charitable deduction for non-itemizers
- Gifts can be directed to support the program or area of your choice
How Can I Make a Qualified Charitable Distribution to support Bucknell?
QCDs are easy; a simple letter of instruction to your IRA administrator begins the process. We will provide one for you, or you can click here to download and print the IRA Form and Instructions to share with your IRA account administrator.