IRA Charitable Rollover (Qualified Charitable Distribution)
Individuals that are over 70 and 1/2 may make gifts of up to $105,000 directly from their IRA to the North Dakota Community Foundation, benefiting the North Dakota community or charity of their choice. There are many benefits to this option.
Here's a short video that explains this giving option:
Benefits of an IRA charitable rollover
- Avoid taxes on transfers of up to $105,000 from your IRA to the North Dakota Community Foundation
- Satisfy your required minimum distribution (RMD) for the year (if you are over 72 and must take distributions)
- Reduce your taxable income, even if you do not itemize deductions
- Make a gift that is not subject to the 50% deduction limits on charitable gifts
- Support your favorite North Dakota community or charity forever
- Your charitable IRA rollover gift may qualify for the 40% ND Income Tax Credit for gifts to qualified endowment funds. Contact your tax advisor or the charity which you plan to support for more information.
How an IRA charitable rollover gift works
- Contact your IRA plan administrator to make a gift from your IRA to NDCF.
- Your IRA funds will be directly transferred to NDCF to support the community or charity you desire. Please indicate which existing NDCF fund you wish your gift to support or let us know if you wish to create a new fund.
- Please note that IRA charitable rollover gifts do not qualify for a charitable deduction and cannot be given to a donor-advised fund or a private foundation.
Contact Us
If you have any questions about an IRA charitable rollover gift (sometimes referred to as a Qualified Charitable Distribution or QCD), please contact us. We would be happy to assist you and answer any questions you might have.
