IRA Qualified Charitable Distribution (QCD)
IRA Qualified Charitable Distributions (QCD) or IRA Charitable Rollovers, as they are sometimes called, are an increasingly popular way for people age 70½ years old or older to support the work of the Goodman Community Center and your Madison community.
You can make up to $100,000 in tax-free charitable distributions annually directly from your IRA. This not only lowers your taxable income, but if you’re age 72 or older, also helps to meet your required minimum distribution (RMD).
When making financial decisions, we always recommend you speak with your financial advisor or your IRA plan administrator.
Questions about how you can make a gift to Goodman using a qualified charitable deduction?
- You must be age 70½ or older at the time the gift is made.
- IRA owners can make qualified charitable distribution of up to $100,000 per year.
- Only traditional IRAs are eligible. However, owners of other types of qualified plans may roll assets into a new IRA to make gifts if such a rollover is permitted. Please consult with your advisor before doing so.
- You must request a direct transfer of funds from your plan administrator to the Goodman Community Center. It is important not to withdraw funds before making a gift.
- You cannot receive goods or services, or a personal benefit in return for the gift.
How to make a QCD
- Complete the form below and contact your IRA plan administrator to request a qualified charitable distribution from your IRA account directly to the Goodman Community Center, a 501(c)(3) organization, with tax ID number 39-1919172.
- Ensure the check is made payable to The Irwin A. and Robert D. Goodman Community Center and mailed to:
Goodman Community Center
Attn: Dani Luckett
214 Waubesa St.
Madison, WI 53704
For a QCD to count toward your current year'srequired minimum distribution, the funds must come out of your IRA by your RMD deadline, which is generally December 31 each year. If you are using an IRA checkbook, be aware that the date of gift is established when the IRA administrator transfers the funds after the Goodman Center deposits the check, not when the check is postmarked or delivered. The time it takes the IRA administrator to transfer the funds varies. Please contact your administrator as soon as possible to ensure your gift is completed by December 31.
To learn more about QCDs, eligibility, and tax information, please visit IRS.gov.
This information is provided as an educational service to our donors. It is not legal or tax advice. Please consult your own professional advisors on how any charitable gift may affect your own tax situation.