Contributing from Your IRA to CARITAS

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As you plan ahead for how to make the most out of your charitable giving, CARITAS Chief Development Officer Clara Stokes shares how you can make a difference with your dollars.

How to Contribute A Qualified Charitable Distribution (QCD)

If you are 70½ years old or older, you can take advantage of a simple way to benefit CARITAS and receive tax benefits in return. You can give any amount up to $100,000 per year from your IRA directly to a qualified charity without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.

QCDs are on the rise. Beginning the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution.  Since the gift does not count as income, it can reduce your annual taxable income. One of the most important requirements for an IRA distribution to qualify as a QCD is to ensure the check is made payable directly to a charity and NOT be made payable to the IRA owner.  To assist in this process, contact your financial institution. Your representative can send the check to you, made payable to the charity, and you can mail the check to the charity with certainty that your gift will be put to good use right away.

Have questions?

  • If you have questions about making a gift to CARITAS, Clara Stokes would be delighted to talk with you: Phone: (804) 887-1571 | E-mail: cstokes@caritasva.org.

  • We also have a helpful web page that outlines the many ways to donate to CARITAS. Click here.

  • Read this article about donating stock to CARITAS.

Stay tuned for our next Give Smart article about planned giving.