Qualified charitable distributions from your Individual Retirement Account (IRA) are current gifts with an immediate impact. Often referred to as "IRA Charitable Rollover Gifts," these gifts are distributions paid directly from an IRA to a nonprofit.
If you are 70½ or older, you can transfer as much as $100,000 per year from an IRA directly to the Frick—without counting this transfer as taxable income.
If you were 70½ before January 1, 2020, the qualified charitable distribution counts toward your required minimum distribution (RMD). If you are 70½ after January 1, 2020, you do not have required minimum distribution until age 72. If you do not meet your RMDs, IRA owners face a large tax penalty. This means you would either withdraw those amounts (increasing your taxable income) or donate them as a qualified charitable distribution.
The most common way to make this gift is to submit a request to your IRA custodian. For more information on Qualified Charitable Distributions to the Frick, contact: Maddy Rolla, Manager of Individual Support, at MRolla@TheFrickPittsburgh.org