Tax-Free IRA Gifts
A Tax-Wise Way to Help the Franciscans
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IRA owners now have the option of satisfying their required minimum distribution with an easy-to-arrange IRA gift to qualified nonprofit organizations, like the Franciscans of St. John the Baptist Province.
Here’s what you need to know about IRA “charitable rollover” gifts:
• You must be 70 ½ or older when you make your gift.
• You can transfer up to $100,000 annually without triggering income tax.
• You can use your gift to satisfy some or all of your RMD.
• Your IRA custodian must make the distribution directly to the charity.
• Your IRA gift will pass to the Franciscans tax-free, so 100% can be used to support both mission and ministry.
Here is a typical letter of request to send to your IRA custodian…
Dear (Company Representative),
Federal law permits the account holder of a traditional or Roth IRA who is 70 ½ or older to make a Qualified Charitable Distribution (QCD) directly from their IRA to a qualified public charity.
As the owner of (insert company) IRA Account #__________________, I request you make the following QCD to the following organization: $______________________ to the Franciscans of St. John the Baptist Province, Inc, 1615 Vine Street, Cincinnati, OH 45202; Tax ID Number: 31-6064103.
It is my intention that the above gift be treated as a QCD and that the same be used to satisfy, in whole or in part, my Required Minimum Distribution (RMD) in the year of transfer.
This letter is sufficient authorization for you to make the QCD gift specified above. However, if you require any further documentation, please send those documents to me immediately.
Cordially yours,
Jane B. Donor
For more information about IRA "charitable rollover" gifts, contact Colleen Cushard, Co-Director of Franciscan Ministry & Mission, at 513-721-4700 or ccushard@franciscan.org .
Posted in: Estate Planning, Newsletter, Support the Friars
