Gift Using your Traditional or Roth IRA
A qualified charitable distribution (QCD), is a direct distribution from your Individual Retirement Account (IRA) to Bishop Moore Catholic. Making this distribution can lower your taxable income, which may also reduce the impact of certain tax credits and deductions such as Social Security and Medicare.
How It Works:
- If you’re over 70 ½ years old, you can make a Qualified Charitable Distribution.
- You may donate up to $100,000 each year.
- You can direct distributions in the amount of your choosing from your IRA to Bishop Moore Catholic.
- This can be a one-time or recurring gift.
- The distributions go directly to Bishop Moore Catholic so they are not subject to federal income tax.
How You Benefit:
- You can satisfy part or all of your Required Minimum Distribution which starts at age 72.
- You can lower your taxable income.
- You can avoid the income tax penalty on your distributions.
- You have the satisfaction of seeing the impact of your gift and immediately support Bishop Moore Catholic.
- Always check with your accountant or financial planner as we do not provide any financial advice.