QCD from IRA: You may find that your retirement plan can be a savvy way to fulfill your pledge commitments or make a gift to Calvary Episcopal Church this year.

For those over 70 1⁄2, you may want to consider making a tax-free gift from your IRA in a transfer known as a qualified charitable distribution (“QCD”).  The transfer will count toward the amount you are required to withdraw from your IRA each year (the “required minimum distribution” or “RMD”). Because your IRA custodian sends these funds directly to Calvary, your contribution is not taxed.  To make a QCD to Calvary, here is what you need to do:

1. Contact Calvary’s finance office at finance@calvarymemphis.org and provide some context and information as to how you would like the gift to be designated (towards your pledge or to a designated fund at Calvary.)
2. Request a distribution form from the institution that administers your IRA. In the QCD section, fill out Calvary’s information. Keep in mind, this transaction must be completed by December 31.
3. The IRA custodian will mail the check directly to Calvary. Upon receipt, the finance office will send an acknowledgment letter to confirm the date and amount that was received through your QCD.
4. At tax time, report the charitable distribution on the line for IRA distributions. If the full amount was given as a QCD, write “0” on the taxable amount line. Enter “QCD” on the line next to it.