Many supporters of Catholic Extension with an IRA find they have money saved away that they might not need. Direct transfer of funds from an IRA to Catholic Extension via a Qualified Charitable Distribution (QCD) is an effective way to reduce taxes while strengthening the Catholic Church in poor communities across the country.
You simply instruct your IRA administrator to transfer the amount of your gift directly from your IRA to Catholic Extension.
Some rules to keep in mind:
- You must be age 70 ½ or older.
- An individual may transfer up to a total of $100,000 per year, and a married couple may give up to $200,000.
- Your gift must be transferred directly from the IRA account to Catholic Extension.
- Because your gift is a direct transfer of funds from your IRA to Catholic Extension, it does not create taxable income for you and is not considered a charitable tax deduction.
- If you are 72 and older, the transfer of funds counts towards your annual Required Minimum Distribution from your IRA.
If you are interested in this unique opportunity to help further the mission of Catholic Extension, or if you have any questions, please contact our Planned Giving Team at (800) 842-7804 or firstname.lastname@example.org.
Please click here for a sample letter for you or your loved ones to send to an IRA administrator with specific information about giving to Catholic Extension.