Support the Greater Seymour Trust Fund with a Qualified Charitable Distribution from Your IRA

Don’t need your IRA retirement savings as much as you originally thought?
Surprised or worried about the tax consequences of your IRA?
Use your largest tax liability to fund your Charitable Intent!

Satisfy your required minimum distribution while supporting local scholarships and grants.

What is qualified charitable distribution?

A qualified charitable distribution (QCD) is a distribution of funds from your Traditional IRA directly to a qualified charitable organization, such as the Greater Seymour Trust Fund. Because the gift goes directly to the charity, the dollar amount of the gift may be excluded from your taxable income up to a maximum of $105,000 annually. There are some exceptions, so please consult your tax advisor for information regarding your specific situation.

Who can make a qualified charitable distribution?

  • If you’re over 70 ½, you’re eligible to make a QCD from your IRA and receive the tax benefits.
  • For those who are 73 and older, it’s an easy way to satisfy your Required Minimum Distribution (RMD) for the calendar year.
  • Giving you greater control over the tax consequences of your RMD.
  • Giving you greater control over the tax consequences of your IRA.

Many individuals who are required to take money from their IRA each year, do not need it for living expenses, so they have chosen to make QCDs from their IRAs to support local scholarships or grants. This may make sense for you too!

For your IRA Qualified Charitable Distribution to count for the current tax year, you must submit the required forms in time for your IRA custodian to process your request by December 30th. It usually takes 5-10 business days from the day your request is received by your IRA custodian to the day the nonprofit receives the gift, but the end-of-year period is especially busy for IRA custodians and charities, so wait times may be longer. If there are any questions or concerns, you should reach out to your IRA custodian directly.