IRA Charitable Rollover
The IRA Charitable Rollover, also known as a qualified charitable distribution (QCD), provides you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate. Under 2015 federal legislation, you can use your Individual Retirement Account (IRA) to make a gift to a charitable institution, including The Mother Church.
Individuals age 70 ½ and older can instruct their IRA administrators to make a distribution directly to The Mother Church and exclude the amount of the gift from their gross income for federal tax purposes.
By making an IRA charitable rollover, you can:
- If you don’t itemize deductions and are not yet required to take your RMD, a QCD offers all of the benefits of an itemized income tax charitable deduction.
- If you are age 72 or older and must take your RMD, a QCD can satisfy your RMD without increasing your income taxes.
- Avoid federal and, in many cases, state income taxes.
- Support The Mother Church with a tax-free gift.
To be eligible:
- You must be 70 ½ years of age or older at time of distribution.
- Total charitable gifts cannot exceed $100,000 per taxpayer each year.
- Distributions must be made directly from the IRA to The First Church of Christ, Scientist when the donor normally takes an IRA distribution. Those donors with check-writing privileges on their IRA accounts can write individual checks from the IRA to the Church. Other donors should contact their IRA Administrator to ensure the proper details to make the distribution are correct.
- The gift date for an IRA gift is the date the funds leave the donors IRA account.
To make a gift from your IRA:
- Instruct your IRA administrator to mail a check, payable to:
The First Church of Christ, Scientist
Office of the Treasurer
210 Massachusetts Avenue
Boston, MA 02115
- Ask your administrator to include the following information in the memo line of the check, or in an accompanying letter:
• The designation of your gift (e.g. The General Fund)
• A notation that this check constitutes a qualified charitable distribution from your IRA.
800-288-7155 ext. 3288
Office of the Treasurer, P2-02, Philanthropy Team, 210 Massachusetts Avenue, Boston, MA 02115