IRAs and Required Minimum Distributions
Starting at age 72 (70 ½ if you reach this age before January 1, 2020), the IRS requires individuals to make IRA withdrawals each year. Known as Required Minimum Distributions (RMDs), the IRS imposes a fine, equivalent to half of the RMD, for failing to withdraw minimum distributions. With this requirement, giving from an IRA has become a tax-efficient way for individuals to make charitable contributions.
A Qualified Charitable Donation (QCD) is a direct transfer of funds from an IRA custodian (e.g., Vanguard, Schwab, Fidelity, etc.) made payable to Fisher House Foundation, or another qualified charity, in the account owner’s name.
An individual may donate any amount up to $100,000 through a QCD annually. This amount applies to the sum of QCDs made to one or more charities in a calendar year. A spouse, who files jointly, may donate up to an additional $100,000 within the same tax year.
The deadline for QCDs is Dec. 31 for that calendar year. Please contact your IRA custodian for instructions.
Remind your financial institution to include your name and mailing address on the check or in an enclosed letter and clarify that the donation is a QCD.
Legal Name: Fisher House Foundation, Inc.
EIN Number: 11-3158401
Mailing address: Fisher House Foundation, 12300 Twinbrook Parkway, Suite 410, Rockville, MD 20852
Phone: (888) 294-8560