Take advantage of this opportunity to transfer a tax-free distribution from your IRA and make a charitable gift to benefit the Cleveland Clinic.
Requirements of a Qualified Charitable Distribution (QCD)
- You must be 70 ½ or older
- You may make a gift of up to $100,000
- The distribution must be made directly to a qualified charity such as Cleveland Clinic
- Your gift must be outright (tax-free rollovers to a life-income gift such as a charitable gift annuity or a charitable remainder trust do not qualify)
This Will Benefit You
- If you are taking required distributions from your IRA, because the charitable distribution counts toward the minimum requirement
- If you usually contribute (up to half of your adjusted gross income) to charity
- If you do not need the income from your IRA, or if the income will substantially increase your taxed income
- Whether you itemize or take the standard deduction
Additional Advantages
- Make pledge payments with a QCD (no out-of-pocket expense)
- Fulfill your pledge sooner than anticipated
- QCDs can open opportunities for additional charitable gifts
Remember, you have not paid taxes on your IRA contribution, and now you will not have to pay federal income taxes on the distribution to charity.
Note: A QCD does not qualify for a charitable deduction.
QCD gifts should be made directly to The Cleveland Clinic Foundation, P.O. Box 931517, Cleveland, OH 44193-1655. Cleveland Clinic’s Federal Tax ID Number is #34-0714585.
Indicate your designation to VeloSano on your check or in your correspondence to Cleveland Clinic.
Questions? Contact the Gift Planning team at 800.223.2273, Ext. 41245 or 216.444.1245.