Individual Retirement Account Giving
If you are 70½ or older, you can transfer up to $100,000 of tax free gifts each year directly to Lutherlyn from your IRA, without a tax penalty.
Contributions made directly from the IRA trustee to Lutherlyn are excluded from your adjusted gross income.
Even if you do not itemize deductions - you can benefit!
Lutherlyn and Qualified Charitable Distributions
Lutherlyn is designated as a 501(c)(3) religious non-profit organization. As such, a gift transferred DIRECTLY to Lutherlyn (as an eligible charity) from a traditional or ROTH IRA may count as a QCD (Qualified Charitable Distribution) and can provide you with a tax benefit.
Please note that gifts NOT SENT DIRECTLY to a charity will not be considered a QCD and may not have the same affect on your adjusted gross income. Checks must be sent directly to the charity/Lutherlyn in order to qualify. We encourage you to discuss your QCD with your fund manager prior to distribution to ensure it will be processed in this manner.
What gifts qualify for a QCD (Qualified Charitable Distribution)?
A gift that qualifies, is made by a donor age 70 1/2 or older, transferred from a traditional or Roth IRA directly to an eligible charity, like Lutherlyn, a designated 501(c)(3), and during the applicable tax year.
Is there a limit on the amount I can give?
Yes, an individual’s total QCD gifts cannot exceed $100,000 per tax year.
Does a QCD count toward my required minimum distribution (RMD)?
If you have not already taken your RMD in a given year, a qualifying rollover gift can count toward meeting your distribution requirement.
Is a QCD tax deductible?
No, but your gift would be excluded from your adjusted gross income, which could provide a tax advantage even if you do not itemize.
Are Roth IRAs included?
Typically, withdrawals from a Roth IRA may be tax-free only if the account has been open for longer than five years. Therefore, some Roth IRAs could benefit from a QCD.
If you have additional questions, or want to know if you would qualify to make a Qualified Charitable Distribution we encourage you to talk to your tax advisor.
If giving in this manner, please tell your broker or fund manager to name you as the donor on the transfer.
