IRA Qualified Charitable Distributions

A tax-saving way to make a difference.

Make a difference today and save on taxes by supporting the University of Southern Maine through your individual retirement account (IRA).

A Special Opportunity for Those 70½ Years Old and Older

You can give any amount (up to a maximum of $108,000) this year from your IRA directly to a qualified charity such as the University of Southern Maine Foundation without having to pay income taxes on the money. Gifts of any value $108,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference at USM. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.

Why Consider This Gift?

• Your gift will be put to use today, allowing you to see the difference your donation is making.
• If you are required to take minimum distributions, you can use your gift to satisfy all or part of your obligation.
• You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
• Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.