Qualified Charitable Distribution

Make a Gift from Your IRA

A QCD, sometimes called an IRA Charitable Rollover, is a gift from your Individual Retirement Account (IRA) to a qualified charitable organization like Wheaton College. A QCD is a tax-effective way to give charitably with many advantages:

• Distributions are not included in your adjusted gross income, so you can benefit whether or not you itemize deductions on your tax return.
• It can satisfy your required minimum distribution (RMD) for the year.
• It may lower your state income taxes if your state of residence taxes retirement distributions and limits charitable deductions.
• It may reduce the taxable portion of your taxable social security income and your Medicare premium amount.
• The distribution avoids limitations on the deductibility of large charitable gifts.
• It may lower tax rates and prevent deduction phase-outs for higher-income families.

It is a win-win for you and the Wheaton students you support through your charitable giving! You must be 70.5 or older to make a QCD, and you can give up to $108,000 each year via QCDs. The QCD must come directly from your account to the charity. Note: you cannot make a QCD to a donor advised fund.

The following information can be provided to your retirement account custodian to initiate a QCD:

Legal Name:                   Wheaton College

Taxpayer ID:                   36-2182171

Permanent Address:    501 College Avenue, Wheaton, IL 60187

Your retirement account custodian should include your name and address with the transmittal of funds. Include any designation of the gift, such as to a scholarship or to the Wheaton Fund. You should retain all documentation of your QCD gift with your tax records and provide them to your tax preparer to ensure that your QCD gift is properly accounted for in your tax filing.

For the gift to qualify during the current tax year, you must initiate the process early so that the transmittal is completed before year-end. Check timing requirements with your custodian to ensure timely transmittal.

Did You Know?

Since 2023, donors who are 70 ½ and older can now fund a Gift Annuity with QCDs from their traditional (tax-deferred) IRAs, subject to certain restrictions:

• Donors can contribute a maximum of $54,000 in one calendar year.
• IRA owners may fund one or more gift annuities in a single calendar year, not to exceed the maximum amount of $54,000.
• Only the IRA owner or owner’s spouse may be an annuitant.
• Permitted once in a lifetime.
• Payments cannot be deferred.

If you have questions, please call Advancement Services at Wheaton College at 1.800.525.9906 (option 2) or email us at advancement.services@wheaton.edu.