IRA DISTRIBUTIONS

After age 70-1/2, the Internal Revenue Service (IRS) allows taxpayers to make qualified charitable distributions (QCD) of up to $108,000 per year from their Individual Retirement Accounts (IRA) to nonprofits as a way to impact worthy causes while avoiding income taxes on withdrawals from tax-sheltered IRAs.

In December 2022, the 117th Congress enacted changes as part of the Consolidated Appropriations Act 2023 (H.R. 2617) that impact charitable giving from Individual Retirement Accounts (IRAs). The bill raises the age at which the owner of an IRA or other qualified retirement plan must start taking required minimum distributions (RMDs). It increases the age from 72 to 73 for individuals who turn 72 after December 31, 2022, and turn 73 before January 1, 2033. It increases this age to 75 for individuals who turn 74 after December 31, 2032.

The Alpha Chi Omega Foundation qualifies as a recipient of qualified charitable distributions and required minimum distributions from your IRA. To learn more about the tax benefits of making your annual gift through a QCD from your IRA and to use our automated IRA rollover gift tool, visit our planned giving site.

You can initiate your IRA QCD using the Foundation’s online portal by clicking here.

Using the portal provides the Foundation with advance information about your gift intentions and allows us to more accurately and efficiently track your gift to ensure it is used for the purposes you designate.

If you have questions about giving from your IRA to support the Alpha Chi Omega Foundation, email us at foundation@alphachiomega.org or call 317-579-5050, ext. 0290.