Did you know you could reduce your taxes by making a gift from your IRA directly to charity? You could make a big difference to help further the mission of your parish, Catholic school, ministry, or the Diocese of Salina while reducing your taxable income.
- If you’re 59 ½ years old or older – you can take a distribution from your IRA, write a check to the Catholic Foundation for Diocese of Salina (telling us where you want the gift to go), without penalty. If you itemize your deductions, you could take a charitable deduction for the amount of your gift.
- If you’re 70 ½ year old or older- you can give any amount (up to a maximum of $105,000) per year from your IRA directly to a qualified charity – such as the Diocese of Salina– without having to pay income taxes on the money. This is called a Qualified Charitable Distribution (QCD). Since the gift does not count as income, it can reduce your annual income level for tax purposes. QCD’s are to be made payable to the Diocese of Salina and then will be distributed to your intended parish, Catholic school, or ministry.
- If you’re 73 or older- beginning in the year you turn 73, you can make a gift to the Diocese of Salina, your parish or Catholic school, to satisfy all or part of your Required Minimum Distribution (RMD) by making a Qualified Charitable Distribution (QCD).
- Any Age- regardless of your age, you can designate the Catholic Foundation for Diocese of Salina, your parish, Catholic school, or ministry as the beneficiary of all or a percentage of your IRA. It will pass to the organization tax-free after your passing. This is a simple way to support your faith in perpetuity – contact your IRA administrator for a change-of-beneficiary form. If you are updating the beneficiary designation on your IRA, please let the Catholic Foundation for Diocese of Salina know. By doing so, you are automatically part of our Living Legacy Circle, and we can ensure that your intentions for the gift are followed. We would also like to thank you for your generosity!
How to do a QCD
- Contact your IRA plan administrator to make a gift from your IRA. Information that you will need to provide them includes the following:
- Legal Name: Roman Catholic Diocese of Salina
- EIN: 48-0637111
- Address: PO Box 980, Salina KS 67402
- Contact the Catholic Foundation at Diocese of Salina to inform us of the gift. You can reach us at 785-827-8746. Plan administrators are not required to notify us of your gift, and we want to ensure that your intentions for the gift are followed. Additionally, we can ensure that you have the proper information needed to complete your gift.
*It’s always important to consult your tax advisor to explore how QCDs can fit into your financial strategy for the current tax year and beyond.