Skip to main content

IRA Charitable Gift

Published on
17 May 2024

Tax-Free Qualified Charitable Distributions (QCDs): Now Permanent! If you are 70½ years of age or older, you can make tax-free gifts – or QCDs – from your IRA to TLC. Congress reinstated a law that allows you to make a tax-free gift from your individual retirement account (IRA). Known as the IRA charitable rollover, this law is permanent, so you are free to make annual gifts to The Land Conservancy of McHenry County from your IRA. The law allows individuals 70½ and older the ability to transfer up to $100,000 from their individual retirement accounts directly to a qualified charitable organization without being subject to income taxes on the distribution. While you do not receive a charitable deduction for the gift, you do not pay taxes on the distribution amount, which is usually a better deal for the donor. Here are the details:

  • You are age 70½ or older at the time of the gift.
  • You transfer up to $100,000 directly from your IRA. This opportunity applies only to IRAs and not other types of retirement plans.
  • You transfer the funds outright to one or more qualified charities. The legislation does not permit direct transfers to charitable trusts, donor advised funds, charitable gift annuities or supporting organizations.

To make an IRA charitable rollover gift, simply contact your IRA administrator and request a direct distribution to The Land Conservancy of McHenry County, TIN 36-3727476, Attn: Lisa Haderlein, PO Box 352, Woodstock, IL 60098.

If you have any questions about the process, please contact Lisa Haderlein via email or by phone at 815-337-9502 X 103