Qualified Charitable Distributions

Make a Gift from Your IRA

A Qualified Charitable Distribution (QCD) allows you to give directly from your IRA to the Wheaton Fund and enjoy reduced taxes. There are many benefits to a QCD: 

• 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.
• Distributions are not included in your adjusted gross income, so you can benefit whether or not you itemize deductions on your tax return.
• 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

You can accomplish all these things and support the Wheaton Fund! As the financial life-blood of the College, the Wheaton Fund provides the essential resources that empower students, faculty, and staff to build the church and benefit society worldwide.

How to Create a Wheaton Fund QCD

To set up a QCD provide your custodian with:

• Legal Name: Wheaton College
• Taxpayer ID: 36-2182171
• Permanent Address: 501 College Avenue, Wheaton, IL 60187
• Designation: Wheaton Fund

If you're 70.5 or older, you can give up to $105,000 annually. The QCD must go directly from your IRA custodian to Wheaton College. Your retirement account custodian should include your name and address with the transmittal of funds. Then, be sure to designate your gift 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 to complete the transmittal before year-end. Check timing requirements with your custodian to ensure timely transmittal.

The information herein is not intended as legal, tax, or financial advice. Please consult with your attorney, financial or tax advisor for advice specific to your circumstances.