Your IRA can provide a tax-smart way to make an impact with Bridge Communities now. The Qualified Charitable Distribution or QCD (sometimes called an “IRA Charitable Rollover”) is a great way to make a tax-free gift now to Bridge Communities and satisfy your Required Minimum Distribution (RMD), too.
Reduce Your Taxes and Increase Your Impact
The Qualified Charitable Distribution (QCD) offers multiple benefits for making gifts from your IRA.
Do I qualify? You must be 70½ years of age or older at the time of the gift. Any gift, up to $111,000, from your IRA can be made to Bridge Communities and you do not pay income tax on that money. This is a great way to reduce your annual income level and have an immediate impact on families facing homelessness in our community.
An IRA Charitable Rollover allows you to:
- Make a gift directly from your IRA to Bridge Communities;
- Satisfy part or all of your annual required minimum distribution (RMD) from your IRA beginning at the age of 73, and exclude part or all of that distribution from your Federal taxable gross income; and
- Impact today's Bridge families by renewing or increasing your annual gift through your IRA Charitable Rollover.
For Your Gift to Qualify:
- You must be 70½ years of age or older at the time of your gift.
- The transfer must be made from your IRA directly to Bridge Communities.
- Your total annual IRA Charitable Rollover gift(s) cannot exceed $111,000 in the calendar year of the gift.
- Your gift must be made to Bridge Communities by December 31 in the year you decide to make the gift. If the IRA funds have not cleared the account, then the 1099 may not reflect the correct calendar year for the QCD. In addition, if the transaction is not completed prior to December 31, the account owner may be subject to penalties if they have not satisfied the required minimum distribution.
- Your gift must be outright. Gifts from your IRA to donor-advised funds or life-income vehicles such as charitable gift annuities or charitable remainder trusts do not qualify as IRA Charitable Rollover gifts.
Making Your Gift is Easy
Before December 31 of this year:
- Contact your IRA custodian.
- Ask that your distribution be a charitable rollover to Bridge Communities.
- To ensure that we can promptly and accurately credit your gift, ask them to include your name, address and how you would like the gift allocated in the transfer.
Distributions can be mailed to:
Bridge Communities
500 Roosevelt Road
Glen Ellyn, IL 60137
For distributions sent via wire transfer, please have your plan custodian contact us at 630-403-5101 for specific instructions.