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Qualified Charitable Distribution

You cannot keep retirement funds in your account indefinitely. If you hold an IRA, SIMPLE IRA, or SEP IRA, you must take Required Minimum Distribution (RMD) annually once you reach age 72. This distribution is considered income and increases your total taxable income. 

If you are 70½ years old or older, you can donate all or part of your RMD as a Qualified Charitable Distribution (QCD), up to $100,000 total, to the Citizens Research Council annually. Couples filing jointly can contribute up to $200,000 annually.

Charitable contributions can only be made from IRAs, so you may need to roll funds over from a 401(k) to an IRA if you want to make this tax-free contribution.

Benefits of donating making a QCD

Tax Benefits

RMD withdrawals are considered income by the IRS and are subject to income tax. This income may push you into a higher tax bracket, which can adversely impact Social Security payments and Medicare benefits. When your RMD is sent directly to the Citizens Research Council, it is not reported as taxable income so you will not owe any taxes on your QCD.

It’s quick and easy

Donations from your IRA are sent directly to the Citizens Research Council. You will need to set up a direct transfer from your retirement account to us.

Step 1 – Contact your financial advisor

Check-in with your financial advisor to determine what makes the most sense for you and how much you should transfer to maximize your tax break. The benefits of charitable contributions from your IRA depend on your income level.

Step 2 – Let us know

If you don’t let us know you are planning on making a QCD, your broker may not share your contact information, and we won’t know who sent us the donation. You can call Eric Lupher (734) 542-8001 or use this form to share your basic information and the date you plan on donating the stock.

Qualified Charitable Contributions

As it appears on your tax return (first, middle, and last)
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Step 3 – Execute the transfer

Funds must be transferred directly from your IRA to the Research Council to qualify for the tax break so take the steps necessary to have the distribution check payable to the Citizens Research Council. Talk to your IRA custodian about how to make this happen. You will need the following information to execute the transfer successfully:

  • Our address (38777 Six Mile Rd. Suite 208, Livonia, MI 48152)
  • Citizens Research Council’s Tax ID Number (38-1539991)

Thank you for donating to the Citizens Research Council of Michigan. We appreciate your support.

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