+ Qualified Charitable Distributions (QCDs)

QCDs are also known as a Charitable IRA Rollover. QCDs allow individuals age 70½ and older to make direct transfers of up to $100,000 per year (and up to $200,000 per year for married couples) from individual retirement accounts to qualified charities, like the MirYam Institute, without having to count the transfers as income for federal tax purposes. Because no tax is incurred on the withdrawal, gifts do not qualify for an income tax charitable deduction but are eligible to be counted toward an individual’s minimum required distribution (RMD).

+ Provisions of the Charitable IRA Rollover:

Distributions must be made directly to a qualified charity, such as the MirYam Institute, by the plan administrator of an IRA. Retirement assets in 401(k), 403(b), SEP, or SIMPLE plans do not qualify but may be rolled into a new or existing IRA and transferred to the charity.

Distributions may only be made to 501(c)(3) tax exempt organizations and cannot be made to donor advised funds, private foundations, or supporting organizations.

Distributions may not be used to fund life-income gifts such as charitable gift annuities, charitable remainder trusts, or pooled income funds.

+ How to make a QCD

Making a distribution is an easy process. Since you cannot make a distribution directly to a charity, your administrator must transfer the money directly to the MirYam Institute. Simply contact your plan administrator and tell them you would like to make a charitable donation from your IRA. Typically, they will supply you with a distribution form for you to fill out and return. When you contact your IRA custodian, request they make a direct transfer to:

The MirYam Institute

PO Box 243

Great Neck, NY 11022

Our tax ID number is: 80-0546666. Do not withdraw the funds and make a contribution yourself, or you will have to report the withdrawal as taxable income. If you are requesting the transfer at the end of the tax year, please allow sufficient time for the transfer to be completed by December 31st of the respective year.

At the end of the year, the administrator will provide you with a Form 1099-R so you can report it on your taxes. The distribution will go on your Form 1040 tax return, where you will report the distribution as a non-taxed QCD. See the Form 1040 instructions and contact your tax professional for additional information.

Consult an attorney for advice if your plans require revision of a will or another document.

+ Questions

If you have any questions about gifts of stocks and bonds, please contact Mr. Eric Rubin, Financial Legacy & Giving Coordinator at The MirYam Institute via this link.

Eric will be happy to assist you and answer any questions that you have.

The information provided herewith is not intended as legal, accounting, or other professional advice. For assistance in planning charitable gifts with tax and other financial implications, the services of appropriate advisors should be obtained.