IRA ROLLOVERS
WHAT ARE IRA ROLLOVERS?
If you’re 70½ or older, you can make a tax-smart gift directly from your IRA to South Bay Outreach Center. This type of gift—called a Qualified Charitable Distribution (QCD)—may lower your taxable income, count toward your Required Minimum Distribution, and make your support go even further to help families in our community.
IRA ROLLOVER RULES
AGE REQUIREMENT
You must be 70½ years old or older at the time the distribution is made to the charity.
ANNUAL LIMIT
The maximum amount you can exclude from your gross income each year through QCDs is $105,000 in 2024, and $108,000 in 2025. This limit applies per person.
ELIGIBLE IRA
The donation must be transferred directly from your IRA, according to the IRS.
DEADLINE
The QCD must be completed by December 31st of the tax year for which you want it to count.
DIRECT TRANSFER
The funds must be transferred directly from your IRA administrator to the qualified charity. You cannot withdraw the money yourself and then donate it.
RMD IMPACT
If you're 73 or older and subject to Required Minimum Distributions (RMDs), a QCD can count towards fulfilling your RMD for the year.
QCD RESTRICTIONS
Per IRS regulations, QCDs cannot be made to a donor advised fund (DAF). The House of Yahweh does not sponsor DAFs. Your QCD donation will go directly to us and immediately start to support our outreach programs.
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For additional information on QCDs and DAFs, please contact Donna Quirk at 310-675-1384.
HOW TO MAKE
AN IRA QCD
1 / Initiate the Transfer
Contact your IRA custodian or financial advisor to begin the process, as they will likely have a specific form or instructions.
2 / Ensure Direct Transfer
​The donation must go directly from your IRA to the charity to qualify. The custodian can send the check directly, or mail it to you payable to the payable to The House of Yahweh for you to deliver.
3 / Notify Us
Please call Donna Quirk at 310-675-1384 to let us know about the expected donation to ensure we can provide a written acknowledgment for your records.
4/Report the QCD on your Tax Return
QCDs are reported on your tax return even though they are tax-free. You'll receive Form 1099-R from your IRA administrator.
5/Consult with a Financial Advisor
A financial advisor can help determine if a QCD is suitable for your situation and assist with the process.
FOR ANY QUESTIONS
Contact Donna Quirk at 310-675-1384
OR
Visit us during out open hours at 4046 Marine Avenue, Lawndale, CA 90260
