Qualified Charitable Distributions
If you are 70 ½ years or older you can make a Qualified Charitable Distribution (aka IRA Charitable Rollover), up to $100,000, directly from your IRA to a qualified charitable organization.
- A Qualified Charitable Distribution is generally a nontaxable distribution made by the IRA trustee directly to a charitable organization. You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
- Your gift may be used to satisfy all or part of your Required Minimum Distribution (RMD) beginning the year you turn 72.
- Your check must clear your account by December 31 to be counted toward your minimum distribution for the calendar year.
- SEP or SIMPLE IRAs qualify if they are “inactive”, meaning there are no ongoing employer contributions to the SEP IRA or SIMPLE IRA.
- Please check review Publication 590-B, Distributions from Individual Retirement Arrangements or contact your IRA trustee for more information.
Steps to Take:
1. Connect to your retirement account provider – Choose whichever of the 3 below options works best for you.
- Make a distribution online. Log in to your IRA provider and use our Legal Name, Mailing Address and Federal Tax ID below.
- Print and mail a distribution letter. Click to edit, print and mail our template letter.
- Share this page with your financial advisor. Your advisor knows your financial situation best. Share this opportunity with them to see how supporting BAAKP can fit into your goals. Click to email this page of resources to your advisor for their consideration.
2. Contact BAAKP’s Executive Director, Debra Elmore at (650) 323-2225 or info@baakp.org to discuss using your IRA to support BAAKP.
3. Seek the advice of your financial or legal advisor.
4. To include BAAKP in your plans, please use our legal name and federal tax ID. Please let us know of your gift (many retirement providers assume no responsibility for letting nonprofits know of your intentions so your goals won’t be honored).
Legal name: Bay Area Association of Kidney Patients, a fiscally sponsored project of Inquiring Systems Inc.
Legal address: 887 Sonoma Ave, #23, Santa Rosa, CA 95404
Federal tax ID number: 94-2524840
BAAKP is a fiscally sponsored project of Inquiring Systems Inc.