What are the tax benefits of donating retirement assets to charity?

Donating retirement assets to charity may offer certain tax advantages, depending on how the gift is structured. For example, when a qualified charity such as St. Jude is named as the beneficiary of a retirement account, the charitable portion may avoid the income taxes that can apply when retirement assets are passed to individual heirs. In some cases, there may also be estate tax benefits. Because tax rules vary by donor and account type, donors should consult a qualified tax advisor for guidance.

What information do I need to name St. Jude as a beneficiary?

If you would like to name St. Jude as a beneficiary of your retirement account, you may need the following information: Legal name: ALSAC/St. Jude Children's Research Hospital; Address: 501 St. Jude Place, Memphis, TN 38105; Tax ID / EIN: 62-0646012. Your retirement plan administrator or financial institution may also require additional account-specific information, so it is a good idea to confirm exactly what is needed before submitting your beneficiary designation form.

Can I change my beneficiary later?

In many cases, yes. Most retirement account beneficiary designations can be updated during your lifetime by submitting a new beneficiary form to your plan administrator or financial institution. However, plan-specific rules may apply, and if you are married, spousal consent may be required for certain changes. Always confirm the process with your account provider.

Can I donate my IRA to St. Jude?

Yes. Depending on your goals and age, you may be able to support St. Jude through a qualified charitable distribution during your lifetime or by naming St. Jude as the beneficiary of your IRA.

Can I name St. Jude as a beneficiary of my 401(k)?

In many cases, yes. Contact your 401(k) plan administrator to request the correct beneficiary form and confirm any plan-specific requirements, including whether spousal consent is needed.

What is the difference between a qualified charitable distribution and naming a charity as a beneficiary?

A qualified charitable distribution, or QCD, is a gift made directly from an IRA to a qualified charity during your lifetime, subject to IRS rules and annual limits. Naming a charity such as St. Jude as the beneficiary of a retirement account is a planned gift that takes effect after your passing.

Should I talk to my financial advisor before donating retirement assets?

Yes. Because retirement asset gifts can involve tax, legal, and estate-planning considerations, donors should consult a qualified financial, tax, or legal advisor to determine what type of gift may be appropriate for their situation.

Donating retirement assets to St. Jude

Donating retirement assets to St. Jude is a simple way to leave a legacy gift through your IRA, 401(k), or other qualified retirement plan. By naming ALSAC/St. Jude Children’s Research Hospital as a beneficiary, you may be able to support St. Jude’s mission in a tax-efficient way while retaining control of your assets during your lifetime.

St. Jude patient Jordyn

St. Jude patient Sawyer and his mom

Benefits of donating retirement assets to charity

Most people do not use all of their retirement assets during their lifetime, and those unused assets can be used to make a gift to St. Jude. There are several benefits to donating unused retirement funds and assets:

Cultivating a better world

When you designate a charitable organization, like St. Jude, as the beneficiary of your retirement assets, you're making a difference in the world long after your passing. You’ll have the satisfaction of knowing the money that would have otherwise gone unspent is contributing to a better future for those left behind.

Financial control

Donors retain ownership and full control over their assets during their lifetime and are free to update their beneficiaries at any time. Charities, like St. Jude, will receive distributions only after the donor’s passing.

Tax savings

There can be both income and estate tax benefits when it comes to donating retirement assets directly to charities, like St. Jude, upon your passing. In the event of your passing, the intended charity would inherit assets from the chosen IRA. That money would not be taxed as income.

How donating retirement assets works

Many people who choose to donate their retirement assets to a charity will do so through a beneficiary designation. The beneficiary designation allows the donor to direct their assets held in an IRA, 401(k) or other retirement account to the charity of their choice upon their passing.

If you decide to designate a charity, like St. Jude, as the beneficiary of your retirement plan, consider the following actions:

If you are married, check to determine if your spouse consents to the designation. Failure to obtain spousal consent could result in a disqualification of the beneficiary designation.
Ask your plan administrator to provide you with the appropriate forms.
Name St. Jude as a beneficiary on your plan’s beneficiary designation form. Make sure the plan administrator or financial institution receives a copy of your beneficiary designation by requesting a written confirmation of receipt.

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.

Donating retirement assets and taxes

Retirement assets can be donated while you’re still alive. To do so, you would take a distribution from your retirement account, which may require you to pay taxes on that money. However, this can be avoided in two ways.

If you’re 70½ or older:
Individuals who are 70½ or older can make donations up to $108,000 from an IRA account without paying taxes on the distribution through what is called a qualified charitable distribution.

As part of an estate plan:
When you designate a charity, such as St. Jude, as the beneficiary of your retirement account, you will not be required to pay income tax on the distribution.

Please use the following legal name and tax identification:

ALSAC/St. Jude Children's Research Hospital
501 St. Jude Place
Memphis, TN 38105

Tax ID Number:
62-0646012

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).

View the IRS Determination Letter

View the Gift Acceptance Policy

Questions about donating retirement assets (example FAQs)

To name St. Jude as the beneficiary of your retirement account, contact your IRA custodian, plan administrator, or financial institution and request a beneficiary designation form. You can then list ALSAC/St. Jude Children’s Research Hospital as a beneficiary of your IRA, 401(k), 403(b), or other qualified retirement plan. If you are married, ask whether spousal consent is required. After submitting the form, request written confirmation for your records.
Donating retirement assets to charity may offer certain tax advantages, depending on how the gift is structured. For example, when a qualified charity such as St. Jude is named as the beneficiary of a retirement account, the charitable portion may avoid the income taxes that can apply when retirement assets are passed to individual heirs. In some cases, there may also be estate tax benefits. Because tax rules vary by donor and account type, donors should consult a qualified tax advisor for guidance.

ALSAC/St. Jude Children’s Research Hospital does not provide tax, legal, or accounting advice. This information is for educational purposes only and is not intended to be relied upon as tax, legal, or financial advice. Please consult your professional advisor regarding your specific situation.
In many cases, yes. Most retirement account beneficiary designations can be updated during your lifetime by submitting a new beneficiary form to your plan administrator or financial institution. However, plan-specific rules may apply, and if you are married, spousal consent may be required for certain changes. Always confirm the process with your account provider.

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.

St. Jude has helped push the overall childhood cancer survival rate in the U.S. from 20% in 1962 to more than 80% today. Thanks to generous donors like you, St. Jude can give our doctors and researchers the tools and technology they need to make the next groundbreaking discovery.

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.

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.

Learn How We Honor Your Generosity Explore More Planned Giving Options