Qualified Charitable Distribution

The Qualified Charitable Distribution allows individuals age 70½ and older to make direct transfers of up to $100,000 per year from individual retirement accounts to qualified charities without having to count the transfers as income for federal tax purposes. Since no tax is incurred on the withdrawal, gifts do not qualify for an income tax charitable deduction, but are eligible to be counted toward an individual’s minimum required distribution. 

Provisions of the Qualified Charitable Distribution: 

Distributions must be made directly to a qualified charity by the plan administrator of an IRA. Retirement assets in 401(k), 403(b), SEP, or SIMPLE plans do not qualify but may be rolled into a new or existing IRA and transferred to the charity. For more information on Qualified Charitable Distributions, please see https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-distributions-withdrawals and consult a financial advisor or accountant. 

Distributions may only be made to 501(c)(3) tax exempt organizations, like The Library Foundation. 

Please contact your plan administrator to make a donation to The Library Foundation (30-0234776). 

For more information, please contact the Foundation office by calling 513-369-4595 or emailing  sdennison@SupportCHPL.org.