How to Donate Your RMD

While the Required Minimum Distribution (RMD) age was increased to 73 under the SECURE 2.0 Act, you can still make a Qualified Charitable Distribution (QCD) as part of your charitable giving plans if you are at least 70 ½ or older. Here is what you need to consider:

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1. Determine Eligibility

• Ensure you are eligible to make a QCD. You must be 70½ years or older to make a QCD from your IRA.

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2. Contact Your Financial Advisor and/or IRA Custodian

• Reach out to your financial advisor or the financial institution managing your IRA.

• Ensure that making a QCD aligns with your financial goals and tax situation.

• Inform them that you want to make a QCD directly to PFCCAP. They may require you to complete a form or provide specific instructions in writing.

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3. Specify the Donation Amount

• Decide on the amount you wish to donate. The maximum allowable annual amount for QCDs is $100,000. This amount will count towards your RMD for the year and will not be included in your taxable income.

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4. Provide PFCCAP’s Qualified Charity Information to Your IRA Custodian

• Organization Name: Partners for Cancer Care and Prevention

• Address: 10 E Lee Street, #1901, Baltimore, MD 21202

• EIN: 45-1605551

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5. Request the Funds

• A QCD can be made via a direct electronic transfer or by check.

• If by direct electronic transfer (if the custodian allows this), it is faster and can avoid delays as sometimes occurs with checks.

• If by check, it must be made payable directly to Partners for Cancer Care and Prevention. The check can be sent direct to PFCCAP or to you for forwarding.

• The key point is the funds must go direct to PFCCAP in order to qualify as a QCD.

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6. Request Confirmation

• Ask your IRA custodian for confirmation of the transfer. Keep this documentation for your records and tax preparation.

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7. Notify PFCCAP

• Inform us of your intended donation so we can be on the lookout for it.

• Provide us with your name and the amount of your QCD so we can properly acknowledge your gift and provide receipts for tax purposes.

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8. Consult Your Tax Advisor

•  While QCDs are not included in your taxable income, they should still be reported on your tax return.

• Consult with your tax advisor to ensure proper reporting.