Know the benefits of giving through a Qualified Charitable Distribution
Qualified Charitable Distribution by Lindsi Bachman, Director of Development As we were processing year-end gifts, I was thrilled to see that so many people had…
Feb 27, 2023
Qualified Charitable Distribution
by Lindsi Bachman, Director of Development
As we were processing year-end gifts, I was thrilled to see that so many people had chosen Catholic Charities Wichita as a beneficiary of their qualified charitable distribution from their individual retirement accounts.
A qualified charitable distribution (QCD) through one’s individual retirement account (IRA) is a beneficial way for those who are 70-and-one-half years or older to give to Catholic Charities.
What is an IRA QCD?
An IRA QCD is a distribution from your individual retirement account to a qualified charity, such as Catholic Charities. You must be at least 70-and-one-half years or older to make such a distribution. There are a few added bonuses for giving in this way:
- You are normally required to pay taxes on distributions you receive through your IRA, whereas, these distributions are tax-free if given to an eligible charitable organization, such as, Catholic Charities.
- For those over the age of 72, QCDs count toward one’s required minimum distributions for the respective year.
How do I make a qualified charitable distribution from my IRA for 2023
- To make a QCD for 2023, consult your tax advisor and contact your IRA custodian. Together, they will work with you to determine what distribution is best for you, and how to complete the transaction.
If this is an option for you, we hope you will consider designating your charitable distribution to the Faithful Servant Fund at Catholic Charities. The Faithful Servant Fund allows us the greatest flexibility to meet the most urgent needs within our ministries and the community in the priority areas of hunger & homelessness, domestic violence and enrichment services. You also can specify that your dollars go toward a specific Catholic Charities’ ministry. Either way your gift will go far in helping us serve the most vulnerable in our community.
If you would like to discuss how Catholic Charities can work with you to help meet your philanthropic goals for the year, please contact me, Lindsi Bachman, at 316-264-8344, ext. 1222.