What Is An Ira Charitable Rollover Contribution?
If you are over the age of 72 traditional IRAs require you to make RMDs. Because you did not pay federal income tax when you contributed the money to your account, you need to pay tax when you withdraw it. However, you can avoid the tax on that distribution by making a donation directly from your IRA to a charity. This is called a charitable rollover or a qualified charitable distribution (QCD).
A donor age 72 or older can transfer up to $100,000 from their IRA to a qualified charity, such as the Diocese of San Diego and Imperial each year. A married couple who are both 72 or older at time of the transfer can each transfer $100,000 from their IRA’s for a total of $200,000.
Your IRA administrator may take several weeks to process your request for a transfer of your distribution to the Diocese of San Diego and Imperial. Please consult with your IRA plan administrator for instructions and deadlines.
Distributions from your IRA that are made out to you personally and not to the Diocese of San Diego and Imperial WILL NOT count as an IRA Charitable Rollover.
An IRA Charitable Rollover is a tax-exempt distribution from the IRA. The amount transferred can be used to meet your required minimum distribution (RMD).
Download IRA Charitable Rollover Instructions and Form
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