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Your IRA Could Be Worth Even More As A Charitable Gift

Expert Advice

Your IRA Could Be Worth Even More As A Charitable Gift

Your Individual Retirement Account is a reliable source of support for Massachusetts General Hospital, allowing you to satisfy your required minimum distribution while avoiding income taxes.

by
Mass General Giving
March 8, 2024

Using your Individual Retirement Account (IRA) to make a charitable gift to Massachusetts General Hospital can provide important tax benefits, even if you don’t itemize your deductions.

A qualified charitable distribution (QCD) from your IRA is a terrific way to make a tax-free donation to Mass General. If you are at least 70½ years old, you may give as much as $105,000 this year from your IRA to your choice of charities.

Plus, your QCD gift to Mass General counts toward your required minimum distribution (RMD) for the year, meaning the donation will transform the health of patients and reduce your income tax bill at the same time.

Facts to Know

Here are some important facts to keep in mind when you consider making a QCD gift to Mass General:

  • You must be age 70½ or older when you make your QCD gift.
  • Your QCD gift must come from a traditional IRA or Roth IRA account. Gifts from 401(k), 403(b), SEP IRAs and other retirement accounts do not qualify.
  • Your QCD gift must be transferred directly from your IRA administrator to Mass General.
  • Your total QCD gifts for the year cannot exceed $105,000.
  • Your QCD gifts are counted toward your RMD to the extent that you have not already taken your RMD for the year.
  • Although there will be no income tax deduction for your QCD gift, the IRA withdrawal is excluded from your taxable income.

How to Give

Most IRA administrators provide a form on their website for you to use to make a QCD gift from your IRA to Mass General. By contacting our Office of Planned Giving, we can help ensure your donation advances medicine in the area most important to you.

Here’s how to make a gift with your IRA:

  1. Inform the institution holding your IRA that you want to make a QCD from your IRA to Mass General.
  2. Complete the necessary paperwork to request the QCD.
  3. Notify Mass General and let us know how you want your gift to be used.

To learn more about how you can make the most of your IRA and other tax advantageous gifts to support Mass General, please contact the Office of Planned Giving at mghdevpg@mgh.harvard.edu or 617.643.2220.

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