A Qualified Charitable Distribution (QCD), sometimes called an IRA Charitable Rollover, is a gift from your Individual Retirement Account (IRA) to a qualified charitable organization like Wheaton College. A QCD is a tax-effective way to give charitably, a win-win for you and Wheaton!
Advantages of a QCD
- QCDs are not included in your taxable income – a benefit even if you don’t itemize!
- QCDs may satisfy your annual Required Minimum Distribution (RMD)
- You can give up to $53,000 in QCDs to fund a gift annuity, creating a lifetime income flow! Visit the Gift Annuity Page for additional details.
- QCDs may lower:
- State income taxes (if your state taxes retirement distributions and limits charitable deductions)
- Taxable portion of social security income
- Medicare premiums
- Avoids deductibility limits for large charitable gifts
Requirements
- You must be age 70 ½ or older to make a QCD.
- You can give up to $105,000 per year in QCDs.
- QCDs must come directly from your IRA to the charity.
- Note: you cannot give a QCD to a donor advised fund.
To make a QCD, provide the following to your IRA custodian:
Legal Name: Wheaton College
Tax ID: 36-2182171
Permanent Address: 501 College Avenue, Wheaton, IL 60187
Your custodian should include with the QCD your name, address, any gift designation of the gift (such as to a scholarship or athletic team) with the QCD. Keep documentation of your QCDs with your tax records and provide them to your tax preparer to ensure that your QCD gift is properly accounted for in your tax filing. Check year-end timing requirements with your custodian to ensure timely transmittal.
Questions? Contact Advancement Services
- Call: 1.800.525.9906 (option 2)
- Email: advancement.services@wheaton.edu.
Download and Print our QCD Info Sheet.
