IRA Qualified Charitable Distribution (QCD)
Donors aged 70½ or older can direct a Qualified Charitable Distribution from a traditional IRA straight to Shiksha Sankalp Society. A QCD counts toward your Required Minimum Distribution (RMD) and is excluded from taxable income - a powerful option even if you no longer itemize deductions. (Consult your tax advisor for details specific to your situation.)
Here's how a Qualified Charitable Distribution (QCD) works:
- You must be 70-1/2 or older at the time of gifting your IRA to charity.
- You may distribute an amount, up to $111,000 in a calendar year, to one or more public charities, so long as it is completed by December 31 of that year.
- Your IRA administrator must make the distribution directly to the charity, or you may write a check to the charity from your IRA checkbook. Funds that are withdrawn by you and then contributed do not qualify.
Here are the steps to take to make a gift from your IRA:
- Contact your IRA administrator and instruct that person to transfer funds to the charity you designate.
- Help us credit your gift and thank you by having your IRA administrator include your full name and mailing address on the gift. Also, have your administrator note that the transfer is an IRA Qualified Charitable Distribution.
If you'd like to make a QCD gift, your financial institution should make the check out to "Shiksha Sankalp Society" and identify you as the donor by name and address.
They can mail the check to:
Shiksha Sankalp Society
100 Professional View Drive, Suite 116, Freehold, New Jersey 07728, USA.