IRA charitable distribution: Donate IRA to charity
Donating part or all of your unused retirement assets, such as your individual retirement account (IRA), is an excellent way to make a contribution to a charity like St. Jude. Charitable donations from IRA may provide tax benefits as well.
Why Donate IRA?
Donating IRA to a charity has benefits for both donors and nonprofits.
Is donating an IRA to charity tax deductible?
Because charities do not pay income taxes on the donations they receive, distributions to charities will avoid being taxed as income. Donating part or all of your unused retirement assets, such as your individual retirement account (IRA), is an excellent way to make a contribution to a charity like St. Jude.
How does a qualifed charitable distribution work, and what qualifies as a charitable IRA rollover?
If you are over age 70½, you may give a gift from your IRA as a tax-free distribution to a qualified charity. This means an amount (up to $100,000 annually) transferred from your IRA directly to a charity like St. Jude can count toward your required minimum distribution without being considered taxable income for you. The deduction then lowers your adjusted gross income (AGI). The distribution, also known as an IRA Charitable Rollover, is authorized by Section 408(d)(8) of the Internal Revenue Code.
As a qualified charitable IRA rollover, the gift must be transferred from a traditional IRA directly to a qualified public charity like St. Jude and must be completed during the applicable tax year.
St Jude must receive your gift by Dec. 31 for your IRA charitable distribution to qualify for that tax year.
ALSAC/St. Jude Children’s Research Hospital does not provide tax, legal or accounting advice. This material is prepared and made available to you for informational purposes only and is not intended to provide or be relied upon for tax, legal or accounting advice. You should always consult a tax professional to determine your particular tax benefits that may result from any particular type of gift to charity.
Can an IRA donation to charity count toward my required minimum distribution (RMD)?
A donation made through a QCD directly from your IRA to St. Jude, or another qualified charity, is tax free to you and, if you are required to take one, can be counted toward your required minimum distribution (RMD). You can begin donating your RMD through a QCD in the year you are required to begin taking those distributions. Your gift can be used to satisfy all or part of your RMD.
You can contact your IRA administrator and ask them to make a QCD. Download a sample Letter of Instruction to get started gifting to St. Jude.
Can a charity be the beneficiary of my IRA?
A beneficiary can be any person or entity, such as St. Jude, the owner chooses to receive the benefits of a retirement account or an IRA after the owner's lifetime. Make your IRA part of your legacy and let us honor your generosity.
Tax ID Number:
We are a tax-exempt, charitable institution listed in the Federal Internal Revenue Service Publication #78, "Cumulative List of Organizations," revised IRS Code 501(c)(3).
Why donate to St. Jude?
Families never receive a bill from St. Jude for treatment, travel, housing or food — so they can focus on helping their child live.
When St. Jude opened in 1962, childhood cancer was considered largely incurable. Since then, St. Jude has helped push the overall survival rate from 20% to more than 80%, and we won't stop until no child dies from cancer.
Every child deserves a chance to live their best life and celebrate every moment. When you support St. Jude, you can help make cures possible for kids with cancer. Together, we can save more lives.
Our Gift Planning department has a representative in your area who can provide further information or help you prepare the right questions to ask your financial advisor to determine what type of planned gift may be right for you.
If you have made St. Jude part of your legacy through a bequest or will, please let us know so that we can honor your generosity and better plan for the future.
Email firstname.lastname@example.org, call (800) 395-1087, or fill out the form below, and a St. Jude representative will contact you.
Have you left St. Jude in your will or estate plan?
As an acknowledgment of your generosity when you give a gift to St. Jude through your will or estate plan, you become a member of the Danny Thomas – St. Jude Society, and we recognize your commitment to the mission of St. Jude in a variety of ways.
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