IRA Charitable Rollovers

Are you over the age of 70 1/2? Do you have an IRA?

If you answered “Yes” to both questions, you can make a Qualified Charitable Donation (QCD) up to $100,000 directly from your IRA to the Parkinson’s Foundation! A QCD can help you reach your Required Minimum Distribution (RMD) without having to pay income taxes on the amount of your donation. You save on your taxes and help people with Parkinson’s Disease.

Making a gift from your IRA is simple. Just contact your plan administrator to request your RMD and elect a QCD naming the Parkinson’s Foundation. Here is a sample letter for your use, to customize with your information, as needed.

Important QCD Guidelines:

  • The gift must be made from an Individual Retirement Account (IRA). No other retirement plans (such as 401k, 403b, or SEP accounts) qualify.
  • Legislation requires you to reach age 70½ by the date you make the gift.
  • It is important that your gift is made directly from your IRA by your IRA administrator. Funds that are withdrawn by the account holder and then contributed do not qualify.
  • Your gift must come to the Parkinson’s Foundation outright. It cannot be used to establish a life-income arrangement or support a donor-advised fund.
  • Total annual QCDs from all IRAs cannot exceed $100,000 for an individual. Spouses can each make up to $100,000 of QCDs if they are both age 70½ or older.
  • Although the distribution will be free from income tax, it will not generate an income tax charitable deduction.
  • We must receive your gift by Dec. 31 for your donation to qualify this year.

Why Consider This Gift?

  • Put your philanthropic dollars at work today, allowing you to see the difference your donation is making.
  • You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.

Next Steps

  • Speak with your financial or legal advisor to see if a QCD is right for you.
  • If you're ready to make your gift today, you can use this sample letter to request a direct charitable distribution from an individual retirement account.
  • Ask your IRA administrator about making a direct transfer to the Parkinson’s Foundation or have the administrator send a check from your account to us. (To be tax free, the donation must go directly from your account to the Parkinson’s without passing through your hands.)
  • Contact Kate Douglass at (305) 537-9894 and kdouglass@parkinson.org for additional information on giving an IRA gift.

Legal Name: The Parkinson’s Foundation
Address: 200 SE 1st St #800, Miami, FL 33131
Federal Tax ID Number: 13-1866796

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your benefits.

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