If you are 70½ or older and have an IRA or Roth IRA, there is an annual required minimum distribution (RMD). That RMD is taxable income. So if you do not have a need for some or all of this income and want to reduce or eliminate the income tax you will owe on the RMD, you can direct your IRA administrator to make a Qualified Charitable Distribution (QCD).
When you make a QCD to a ministry of the Sisters of Charity Health System, your IRA administrator will send funds from your account directly to us.
QCDs are especially useful since standard deduction amounts increased significantly in 2018. If you no longer benefit from itemizing deductions, a QCD can be an effective way to reduce the amount of your income subject to tax.
To make a gift by QCD, contact your IRA administrator. Make sure to give them the name and address of the ministry which should receive your gift. Click here to see the list of ministries.