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IRA Charitable Rollover

Support VIPS through your IRA and pay no income tax

Make a difference today while saving on your taxes!

This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short. Make a difference today and save on taxes. It’s possible when you support VIPS through your IRA. You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as VIPS without having to pay income taxes on the money. Starting at age 70 ½ you can begin to make QCDs to VIPS and at age 73 you must begin taking Required Minimum Distributions (RMD) this makes you eligible for the IRA Charitable Rollover which allows you to make a gift to VIPS from your IRA without paying income tax on the amount transferred.

How to make an IRA Rollover gift

The rollover is made by simply instructing your IRA plan administrator to transfer funds directly from your IRA account to VIPS.

How to qualify:
● You must be at least 70 ½ or older at the time of the gift.
● You’re allowed to transfer to charity up to $100,000 per year.  For a married couple, if both spouses are age 70½ or over and both have IRAs, each spouse can transfer up to $100,000 for a total of up to $200,000 per year.
● The rollover must come from your IRA. Rollovers from 401(k), 403(b) and other retirement plans do not qualify.
● The rollover must be made directly from your IRA to VIPS. Funds that are transferred to you and then gifted to VIPS don’t qualify.

Why consider this gift?
● You avoid paying income tax on the amount distributed to VIPS. Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
● Your gift will be put to use today, allowing you to see the difference your donation is making.
● The rollover satisfies your RMD which begins at age 73.

Need more information?

Contact the Development Office for more information! Complete the form below or call (502) 498-2930.

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It is common for financial institutions to send a check without adequately identifying the donor, even if you explicitly instruct them to do so. Please notify us that you will be making a QCD donation from your IRA so we can make sure we properly recognize your gift and send you a receipt in a timely manner. Thank you!

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