A qualified charitable distribution (QCD) is a distribution from your individual retirement account (IRA) to a qualified charity. These transfers offer those eligible a great way to give to charities during the year. For those who are required to take minimum distributions (RMDs), a QCD will count toward fulfilling the RMD.
Normally, distributions from a traditional IRA are taxable when received. With a QCD, these transfers become tax-free if they’re paid DIRECTLY from the IRA to an eligible charitable organization.
Per The Internal Revenue Service, IRA owners age 70½ or over have the option to transfer up to $100,000 (2023) to a charity tax-free each year. A QCD excludes the amount donated from taxable income, which is unlike regular withdrawals from an IRA. Keeping your taxable income lower may reduce the impact of certain tax credits and deductions, including Social Security and Medicare.
Please consult your financial advisor for more information.
Please take the following steps to make a gift of stock or mutual fund transfer to St. Irenaeus and provide your broker with the following Archdiocese of Detroit account information:
Investment firm: Morgan Stanley Smith Barney
Name of account: Archdiocese of Detroit
Account number: 272108385
Transfer ID (DTC #): 0015
- Name of the company/stock and ticker symbol, number of shares and date of transfer.
- Name of parish you wish to receive the proceeds from the stock sale/donation.
- The purpose(s) for which you wish the proceeds to be used—such as CSA, where needed most, General Fund, Offertory, or a more specific, existing purpose of the beneficiary. That purpose must have been established by the beneficiary. For example, a named campaign or funding for roof replacement. Please contact the beneficiary for this information, keeping in mind that “where most needed” allows for the greatest discretion by the beneficiary.
- Your name and address, so we can properly acknowledge your donation and to provide you with a donation statement for tax purposes.
Please note: Due to privacy laws, brokers are not authorized to share your name with us, so we will be unable to identify the organization/fund that is to receive the proceeds unless you contact us and provide the above information.