IRA QCD
The Qualified Charitable Distribution (QCD) is a great way to make a tax-free gift to Bryn Mawr College and satisfy your Required Minimum Distribution (RMD). If you are not required to take an RMD, but no longer itemize your deductions, then a QCD may be right for you as well.
There are two ways you can use a QCD to maximize charitable impact and minimize taxes: make a gift to benefit Bryn Mawr College today and fund a life-income gift such as a charitable gift annuity (CGA).
Meeting IRA QCD requirements
- You must be 70 ½ years or older at the time of the gift.
- Gifts must go directly from your IRA to Bryn Mawr College.
- Gifts must come from a traditional IRA or Roth IRA account.
- For 2024, total QCD gifts cannot exceed $105,000 per donor.
Benefits of a gift from your IRA
The QCD offers multiple benefits for making gifts from your traditional or Roth IRA.
- If you don’t itemize deductions and are not yet required to take your RMD, then a QCD offers all of the benefits of an itemized income tax charitable deduction.
- If you are age 73 or older and must take your RMD, a QCD can satisfy your RMD without increasing your income taxes.
- You may direct your gift to a program or area of your choice.
- It is a wonderful way to create an immediate impact at Bryn Mawr College.
How can I make a Qualified Charitable Distribution?
Contact your IRA administrator for their QCD distribution form and information on the procedure to make such a gift.
Funds can be transferred directly to Bryn Mawr College (Federal Tax ID #23-1352621) and checks should be mailed to:
Bryn Mawr College
Alumnae Relations & Development
101 North Merion Ave, Bryn Mawr, PA 19010-2899
This is not intended to be legal or tax advice. We encourage you to consult your own legal or tax advisor.
FAQs
I don’t have an IRA. Can I make a gift directly from my employer-sponsored retirement plan?
Only distributions from an individual IRA (including a rollover IRA) are eligible.
If you have an employer-sponsored retirement plan, for example a 401 (k) or 403 (b), consult your financial advisor about creating a new IRA from these plan assets to make your charitable gifts.
Why would I want to make a QCD if I can’t deduct my gift?
Many of our IRA donors view this as an opportunity to manage their income.
Making a QCD from an IRA may reduce your provisional income which could result in tax and financial benefits, such as reducing the tax you pay on Social Security benefits.
Everyone’s situation is different, and we suggest you consult your financial advisor to discuss the best way for you to make your gifts.
Can I direct a QCD from my IRA to create a charitable gift annuity?
You can now make a Qualified Charitable Distribution in exchange for a charitable gift annuity and receive fixed income for life. Read more.
How do I make Bryn Mawr College a beneficiary of my IRA?
Click here to learn more about Beneficiary Designations.
IRA Gift Example
Mary '73 wants to make a gift for her 50th Reunion to Bryn Mawr College. She has $530,000 in her IRA. Her RMD is $19,343.07 and she wants her gift to the College to be $15,000. She authorizes the administrator of her IRA to transfer $15,000 as a QCD to Bryn Mawr College and the remaining portion of her RMD, $4,343.07, to herself.
The $15,000 distributed to Bryn Mawr College will not be subject to federal income tax and will count toward her RMD. Mary is delighted that her gift to The Bryn Mawr Fund will fund a scholarship for a talented Bryn Mawr student.