Qualified Charitable Distribution

Details

What is an Qualified Charitable Distribution?

A Qualified Charitable Distribution is sometimes called an IRA charitable rollover, and allows those over 70.5 years of age to make a tax-free deduction directly from the individual requirement accounts to eligible charities.

How does a qualified charitable distribution work?

  • You will request for an IRA plan administrate to transfer funds over to SWO 
  • Administer funds directly to SWO

Benefits of a qualified charitable distribution.

  • Not counting towards 50% of their adjusted gross income limitation on gifts of Cash.
  • By choosing to make a charitable distribution with all of their required IRA distribution, donors may reduce income and reduce percentage of Social Security subject to taxation.
  • Allows donors who don't intemize deductions to contribute IRA assets to charities and enjoy the benefits similar to those derives from claiming itemized charitable deductions.
  • Inclusion rules may realize state tax benefits by making charitable qualified distributions from their IRAs.

Thrivent Financial

As you explore your planned giving options, you should meet with a financial advisor who can help you weigh the pros and cons of different approaches. If you don’t already have an advisor, we often connect legacy donors with the team at Thrivent to discuss their wisest options. With a clear picture of your finances (and the broad range of solutions available), you’ll be well-positioned to make an informed decision.

Thrivent is a holistic financial service organization that provides financial advice, investments, insurance, banking and generosity programs to help clients make the most of resources they’ve been given.