Qualified Charitable Distribution
Satisfy your required minimum distribution by donating to AYA Youth Collective
Excerpt from Give more, tax-free: Eligible IRA owners can donate up to $105,000 to charity in 2024 from irs.gov.
“Owners age 70½ and older can make up to $105,000 in tax-free charitable donations through qualified charitable distributions.
“For those age 73 or older, qualified charitable distributions (QCDs) also count toward the year’s required minimum distribution (RMD).
Generally, IRA distributions are taxable, but QCDs remain tax-free if sent directly to a qualified charity by the trustee. To make a QCD, contact your IRA trustee soon to ensure the transaction completes by year-end.
Each eligible IRA owner can exclude up to $105,000 in QCDs from taxable income. Married couples, if both meet qualifications and have separate IRAs, can donate up to $210,000 combined. QCDs don’t require itemizing deductions.
For those planning ahead, starting this year, the QCD limit is subject to annual adjustment, based on inflation.”
So How Can I Get Started?
First, reach out to your financial advisor and seek their advice. Together, you will need to inform your IRA custodian and let them know you’d like to make a “Qualified Charitable Distribution” to AYA Youth Collective.
PLEASE NOTE: While the check will come directly from your IRA Custodian, please be sure your name and address are included with the check so we know who and how to send you your tax receipt in recognition of the gift.
Check made payable to AYA Youth Collective
TAX ID: 46-2391112
ADDRESS: 320 State St SE, Grand Rapids, MI 49503
Frequently Asked Questions
Do I need to inform you of the upcoming QCD?
Yes, to ensure that you are properly recognized and thanked – we would love for you to let us know that the gift is on the way. Please include the following:
- Gift amount
- Your name and address
- Name of the financial institution sending your gift
Can I withdraw the funds from my IRA and then make the contribution from a personal check?
No, if you want the gift to remain tax free – and not considered income – the distribution must come directly from your IRA custodian.
I sent a gift and was never acknowledged - did you receive it?
Maybe, there’s a chance that your check came through but no name and/or address information was sent regarding the IRA owner so we were not able to contact you.
Please call us at 616-406-3945 or email us at advancement@ayayouth.org for clarification.
You will need to know the amount of the QCD, date, and which financial institution was sending the check.
I still have questions, who can I talk to?
You can reach AYA’s Advancement team by calling our main line at 616-406-3945 or emailing us at advancement@ayayouth.org.
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