IRA Charitable Distribution
Photo credit: Roger Winstead
Donate an IRA to Charity
If you are over age 70½, you may give a qualified charitable distribution from an individual retirement account and potentially receive tax benefits.
How to use your RMD to donate to the V Foundation:
- Instruct your IRA administrator to make a qualified charitable rollover contribution from your annual RMD amount and have it payable to the V Foundation for Cancer Research.
- The taxpayer identification number is 13-3705951
The check should be addressed to:
The V Foundation for Cancer Research
14600 Weston Parkway
Cary, NC 27513
FAQs
Is donating an IRA to the V Foundation tax deductible? Is donating an IRA to the V Foundation tax deductible?
Because charities do not pay income taxes on the donations they receive, distributions to charities will avoid being taxed as income. Donating part or all your unused retirement assets, such as your individual retirement account (IRA), is a great way to support cancer research and give a gift to the V Foundation.
How does a qualified charitable distribution work, and what qualifies as a charitable IRA rollover? How does a qualified charitable distribution work, and what qualifies as a charitable IRA rollover?
If you are over age 70½, you may give a gift from your IRA as a tax-free distribution to a qualified charity. This means an amount (up to $100,000 annually) transferred from your IRA directly to the V Foundation for Cancer Research can count toward your required minimum distribution without being considered taxable income for you.
The V Foundation for Cancer Research must receive your gift by Dec. 31 for your IRA charitable distribution to qualify for that tax year.
The V Foundation for Cancer Research must receive your gift by Dec. 31 for your IRA charitable distribution to qualify for that tax year.
Can the V Foundation be the beneficiary of my IRA? Can the V Foundation be the beneficiary of my IRA?
A beneficiary can be any person or entity, such as the V Foundation for Cancer Research, the owner chooses to receive the benefits of a retirement account or an IRA after the owner's lifetime. Make your IRA part of your legacy and learn more about legacy giving at the V Foundation to see the special way we honor your generosity.
Can an IRA donation to charity count toward my required minimum distribution (RMD)? Can an IRA donation to charity count toward my required minimum distribution (RMD)?
A donation made through a Qualified Charitable Distribution (QCD) directly from your IRA to the V Foundation, is tax free to you and, if you are required to take one, can be counted toward your required minimum distribution (RMD). You can begin donating your RMD through a QCD in the year you are required to begin taking those distributions. Your gift can be used to satisfy all or part of your RMD.
You can contact your IRA administrator and ask them to make a QCD.
You can contact your IRA administrator and ask them to make a QCD.
Bill Snead is a breast cancer survivor and V Foundation supporter. After surgery, aggressive chemotherapy and many medications, Bill is cancer-free and refers to his doctors as his heroes. But while going through treatment, Bill saw the need for more cancer research, and the need or more funding.
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