CRT/CLT Meeting

A Gift from Your IRA: Two Tax-Wise Ways to Provide Critical Support

The traditional qualified charitable distribution (QCD) is a gift you make directly from your IRA to Citizens & Scholars. Consider the benefits:

  • No tax is due on the distribution up to $100,000 (the annual aggregate limit for 2023). Note that contributions to an IRA after age 70½ count against QCD amounts.
  • The gift does not qualify for an income tax deduction, but it does count toward your required minimum distribution (RMD) if one is due.
  • You make an immediate impact on our important mission, today and tomorrow, and you can make this type of gift every year if you wish.

The new QCD option, introduced as part of the SECURE 2.0 legislation, allows you to make a one-time, tax-free distribution (up to $50,000 in 2023) from your IRA to fund a new charitable gift annuity (CGA) or charitable remainder trust (CRT). Spouses may contribute up to $50,000 each ($100,000 total in 2023) from their own IRAs into a single CRT or a joint-life CGA. This can be a meaningful way to secure an additional source of retirement income for yourself and/or your spouse.

Learn more about making a gift from your IRA.