QUALIFIED CHARITABLE DISTRIBUTION
Supporting Carolina Student-Athletes with Your Charitable Gifts
Using your Individual Retirement Account (IRA) to make a charitable gift to The Rams Club allows Carolina’s athletic programs to remain successful and provides a tax-smart strategy of giving.
The IRA Qualified Charitable Distribution (QCD) allows IRA owners age 70 ½ or older to make a direct, tax-free gift annually from their IRA to public charities like The Rams Club. You do not pay federal income tax on QCDs, and many states exclude QCDs from taxable income. This type of gift will provide significant tax benefits even if you take the standard deduction and the distributions can satisfy all or part of your annual Required Minimum Distribution (RMD).
IRA QCD Details:
• In 2024, $105,000 may be transferred from an IRA to a charity using the QCD strategy.
• Funds must be directly transferred from the plan administrator to the charity.
• IRA QCDs only apply to gifts from an IRA and not from another type of retirement plan – e.g., 401(k), 403(b), etc.
• The entire distribution must be allowable under IRC section 170; therefore, no goods or services can be received in exchange for the contribution.
Is an IRA QCD a viable option for you? Please contact us for a complimentary, confidential discussion to learn more.
If you and/or your financial advisor would like more information on the IRA QCD or other planned giving strategies, please contact Beth MacKethan in The Rams Club at 919.843.6448 or beth@ramsclub.com.
