Individual Retirement Account (IRA) gifts

If you are 70 ½ years or older, you can give up to $105,000 in 2024 from your IRA to qualified public charities like FMA.

Benefits of IRA gifts:

• Lower your taxable income
• Satisfy all or part of your required minimum distribution (RMD, for IRA owners of RMD age)
• Ensure that 100% of your gift can be used to further FMA’s mission
• Bring material aid and spiritual care to people in need as part of your legacy

Start by simply sending a request like this to your IRA custodian:

“I would like to request a Qualified Charitable Distribution (QCD) from my IRA to be made payable to Franciscan Mission Associates, Tax ID 13-1982783, to support their works of charity. Please ensure the distribution is sent directly to Franciscan Mission Associates before December 31, 2024, to qualify for the 2024 tax year.”

IRA Qualified Charitable Distributions during life

IRA Qualified Charitable Distributions (QCDs) allow donors, age 70 ½ or older, to make gifts of up to $105,000 in 2024 from a traditional, inherited, inactive simplified employee pension (SEP), or inactive SIMPLE IRA to qualified public charities, like FMA.  

• QCDs are made directly from your IRA account by the IRA Trustee and can be excluded from gross income even if you do not itemize  
• QCDs count toward your required minimum distribution (RMD) when you reach RMD age  
• By reducing taxable income, QCDs can lower your tax bill and may help you avoid Medicare surcharges  
• IRA QCDs pass tax-free to charity, so 100% of your gift can be used by FMA to further our mission

IRA QCDs through your estate

As traditional IRAs are taxed differently than other assets, they can become a tax liability when inherited. 

• Designating FMA as a full or partial beneficiary of your IRA, and leaving other, less tax-vulnerable assets to your beneficiaries, can reduce or eliminate this liability  
• You can name FMA on the beneficiary designation form for your IRA and designate the percentage of your IRA you wish to leave to FMA as a legacy gift

A legacy IRA

Many IRA owners, 70 ½ or older, can now make a one-time, lifetime Qualified Charitable Distribution (QCD) of up to $50,000 in exchange for a charitable gift annuity. 

• Boost your retirement income and provide future support to sustain our work
• Receive guaranteed fixed payments for your lifetime
• This QCD is a tax-free transfer and can count toward your required minimum distribution (RMD, for IRA owners of RMD age)