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IRA Qualified Charitable Distribution (QCD)

Looking for a Tax-Wise Giving Strategy ? Consider an IRA Qualified Charitable Distribution to your parish or favorite ministry.

Your Benefits:

  • Satisfies your  Required Minimum Distribtuions without increasing your Adjusted Gross Income. 
  • A reduced AGI may decrease the tax you pay on Social Security Income. 

Requirements:

  • You must be 70 1/2 years old or older when you make the gift transfer.

  • The transfer must be directly from your IRA  to your parish or the Archdiocese of Newark with a gift designation. These include, but are not limited to:
    • The Annual Appeal
    • Catholic Schools
    • Seminarian Education
    • Priests' Care and Retirement 
    • Catholic Charities 
    • CYO/Youth and Young Adult Ministries 
    • Cathedral Basilica of the Sacred Heart 
  • The maximum annual amount that can qualify for a QCD is $100,000. This applies to the sum of QCDs made to one or more charities in a calendar year. (If, however, you file taxes jointly, your spouse can also make a QCD from his or her own IRA within the same tax yearfor up to $100,000.)
  • For a QCD to count towards your current year’s RMD, the funds must come out of your IRA by your RMD  deadline, generally by December 31.

This is not intended as tax, legal, or financial advice. Always consult a tax specialist or financial advisor for information specific to your circumstances.  

Next Steps:

  • Contact your tax advisor or financial planner to see if a gift from your IRA is appropriate for your situation. 
  • Notify your parish or the Archdiocese that your are making a gift from your IRA using this sample letter. Please inform them of the amount and specific designation. 
  • Most IRA custodians transfer your QCD directly to the charity, however, some may issue a check payable to the charity and send it to the IRA owner. Please ensure to deliver the check to the charity by December 31st.

Please contact the Office of Development and Stewardship if you have any additional questions:

 

Contact Us

Thomas J. Smith
Director
(973) 497-4091
 
Jessica Panagos
Associate Director of the Annual Appeal
(973) 497-4042
 
Meghan Moran
Associate Director for Major Gifts & Special Initiatives
(973) 497-4197

Questions? Call (973) 497-4091 or email stewardship@rcan.org.