For many retirees, taking a required minimum distribution (RMD) from an IRAis simply part of managing retirement income. But if you are age 70½ or older and are charitably inclined, you may be able to turn all or part of your RMD into meaningful support for Kent State through a Qualified Charitable Distribution (QCD).
A QCD allows you to direct funds from an eligible IRA directly to Kent State, and the distribution can count toward your RMD while generally being excluded from your taxable income.
Start Early: Don’t Wait Until December
IRA administrators may require paperwork, processing time, signatures or other documentation before a charitable distribution can be completed. During the busy year-end period, processing times can take longer, and delays could mean that a distribution intended for the university does not arrive before Dec. 31. If that happens, the distribution may not satisfy the intended tax-year requirements. By beginning the process earlier in the year, you give yourself, your financial institution and Kent State time to address any questions or administrative issues.
You can make a lasting impact by directing your gift to provide scholarships, strengthen academic programs, advance research or give students opportunities that might otherwise be out of reach.
If you have questions about how to make a gift using your IRA, please contact our team at 330-672-1000.
