A qualified charitable distribution (QCD) allows individuals 70½ or older to make an outright gift of up to $100,000 annually from an IRA directly to Marytown (the distribution is not subject to tax). See our Letter of Intent Section for a Sample Letter.
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Rules of Qualified Charitable Distributions
The IRA account holder must be age 70½ or older at the time the distribution is made to Marytown.
Distributions are limited to $100,000 per individual per year and must be transferred directly from the IRA custodian to Marytown
Distributions can only be directed from a traditional or Roth IRA
The distribution must be an outright gift to Marytown Benefits of Qualified Charitable Distribution
Satisfies all or part of annual required minimum distributions (RMD) and provides a charitable giving strategy for donors who do not need the additional income
The rollover amount is a tax-exempt distribution and not subject to income tax or increase your AGI. The distribution also does not increase AGI, which can impact other areas in your tax return or with Medicare premiums if you are over age 65.
Maximizes giving by allowing donors to give outside of the charitable deduction limit
Provides value for those who do not itemize
May be used to fulfill any outstanding pledges
You should work closely with your IRA custodian to request a direct distribution to Marytown.
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Contact Us
Questions:
[email protected]
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Designated Representative:
Very Reverend Lawrence Zurek, OFM, Conv., Rector
847-367-7800 x228
Our Legal Name: Conventual Franciscan Friars of Marytown
Tax ID#: 36-3525662