What is a Qualified Charitable Distribution (QCD)?
A QCD allows individuals aged 70½ or older to transfer up to $108,000 directly from a traditional Individual Retirement Account (IRA) to a qualified charity, such as the Edinboro University Foundation, without the distribution being included in taxable income. This can help reduce your taxable income and potentially lower your tax liability.
Benefits of QCDs:
- Tax Efficiency: Since the distribution is not taxable, it doesn't increase your adjusted gross income, which can be advantageous for tax planning.
- Required Minimum Distribution (RMD) Fulfillment: QCDs can count toward your RMD, satisfying this requirement without increasing your taxable income.
- Support for PennWest Edinboro: Your QCD can make a significant impact on our programs and initiatives.
How to Make a QCD to PennWest Edinboro:
- Contact Your IRA Custodian: Request a direct transfer of the desired amount to the Edinboro University Foundation, a 501c3 charitable entity.
- Provide Necessary Details: Ensure your IRA custodian has our correct information
- Organization Name: Edinboro University Foundation
- Address: 210 Meadville Street, Edinboro, PA 16444
- Tax Identification Number (TIN): 25-1819940
- Notify Us: Please inform us of your intent to make a QCD so we can acknowledge your generous gift appropriately. Contact: Jon Pulice, Director of Development, PennWest Edinboro at jpulice@pennwest.edu or by phone 814-732-1763.
Important Considerations:
- Timing: To count for the current tax year, the QCD must be completed by December 31.
- Acknowledgment: We will provide a receipt confirming the receipt of your QCD, which is essential for your tax records.
For more detailed information, please consult with your financial advisor or refer to the IRS guidelines on QCDs. irs.gov