Qualified Charitable Distribution (QCD)
If you are age 70½ or older, federal law allows you to make direct transfers of up to $108,000 per year from your IRA to qualified charitable organizations such as the EveryLibrary Institute. This transfer counts toward your Required Minimum Distribution (RMD) and is not treated as taxable income.
Transfers must come directly from your IRA and be made payable to EveryLibrary Institute, NFP.
How to make a gift
Contact your IRA custodian and request a "Qualified Charitable Distribution." Ensure your custodian includes your full name and address information with your check so that we can send you a written acknowledgment.
Please provide your custodian with the following recipient information:
EveryLibrary Institute, NFP
6433 Fairfield Ave.
Berwyn, IL 60402
The funds must be transferred directly from your IRA custodian to EveryLibrary Institute. Otherwise, the withdrawal becomes taxable income.
Tax Implications
Federal: Your QCD is excluded from taxable income but does not qualify for an additional charitable deduction.
State: Tax implications vary by state. Please consult your tax advisor for state-specific information.
Contact Information for help
Please contact us directly with any questions regarding IRA gifts:
[email protected]