A qualified charitable distribution, also known as an IRA charitable rollover gift, allows individuals 70½ or older to make an outright gift of up to $100,000 annually from an IRA directly to Make-A-Wish Illinois (the distribution is not subject to tax).
Recap of Charitable IRA Rollover Rules
- The IRA account holder must be age 70½ or older at the time the distribution is made to Make-A-Wish Illinois
- Distributions are limited to $100,000 per individual per year and must be transferred directly from the IRA custodian to Make-A-Wish Illinois
- Distributions can only be directed from a traditional or Roth IRA
- The distribution must be an outright gift to Make-A-Wish Illinois
Benefits of Charitable IRA Rollover
- Satisfies all or part of annual required minimum distributions (RMD) and provides a charitable giving strategy for donors who do not need the additional income
- The rollover amount is a tax-exempt distribution and not subject to income tax
- Maximizes giving by allowing donors to give outside of the charitable deduction limit
- Provides value for those who do not itemize
- May be used to fulfill any outstanding pledges
You should work closely with your IRA custodian to request a direct distribution to Make-A-Wish.
Contact Susan M. Zellner, Individual Giving Director, at 312.602.9429 or email@example.com with questions and to notify us of your planned gift.