Qualified Charitable Distribution
A Qualified Charitable Distribution (QCD) allows donors to donate while also receiving certain tax benefits. If you are over age 70 ½ and have an IRA, you can make a QCD of up to $108,000 to St. John’s Health Foundation. If your spouse is also over age 70 ½ they can also make a QCD of $108,000. This means that your donation will not be counted as taxable income, which can help you reduce your overall tax bill. QCDs limits will be indexed each year for inflation.
Why should you consider making a QCD?
Apart from supporting the Foundation, there are three tax-related reasons why you might consider donating through QCD.
- For taxpayers over age 70 ½, but not yet subject to required minimum distributions (RMDs) QCD donations will reduce the size of your IRAs and accordingly, reduce the size of future RMDs, which are taxed as ordinary income.
- For taxpayers subject to RMDs, QCDs reduce the RMD dollar for dollar, and accordingly, taxable income. For example, a taxpayer who must take a $118,000 RMD but makes a $108,000 QCD, must only take an additional $10,000 as an RMD.
- Higher income taxpayers may run into a deductibility cap (currently 60%) of adjusted gross income. A QCD can be made in addition to any capped deductible contributions.
How do you make a Qualified Charitable Donation to our organization?
Making a QCD donation is easy! Simply contact your Custodian and request a direct transfer of funds to our organization. Be sure to provide them with our identifying information:
St. John’s Health Foundation
P.O. Box 428
555 East Broadway, Suite 213
Jackson, WY 83001
Tax ID (TIN): 83-0325788
Once we receive your donation, we'll send you a receipt and an acknowledgement of your generous contribution.
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