IRA Qualified Charitable Distribution
On December 18th, 2015, the President signed into law the Protecting Americans from Tax Hikes (PATH) act, which includes a permanent extension of the Charitable IRA Rollover. Donors may now take advantage of the opportunity to make a Charitable IRA Rollover (also known as a Qualified Charitable Distribution)--a nontaxable distribution made directly by the administrator of an IRA to a qualified public charity.
Qualified Charitable Distribution benefits include:
- The gift comes from your IRA, using pre-tax dollars.
- The gift amount is excluded from your taxable income.
- The gift amount can be applied towards this year's minimum distribution requirements.
Basic requirements and limitations for a Qualified Charitable Distribution include:
- The donor must be at least 70½ years of age at the time of the distribution.
- The distribution must be from a Roth or Traditional IRA.
- The distribution must be made directly from the IRA administrator to a qualifying charity such as The Church of Jesus Christ of Latter-day Saints or any of its institutions of higher education (gifts made to a donor-advised fund, supporting organization, or private foundation do not qualify).
- Qualified Charitable Distributions are limited to $100,000.00 per individual per year (a spouse who qualifies may give a similar amount from his or her IRA).
To make an IRA qualified charitable distribution to the Church that includes tithing, fast offerings, and/or ward mission fund, a donor should:
1. Instruct his or her IRA administrator to make the check payable to Corporation of the President of The Church of Jesus Christ of Latter-day Saints (TIN 23-7300405) and send the check addressed as follows:
50 East North Temple, Rm 1521
Salt Lake City, UT 84150
2. Notify Treasury Services by mail to the above address or by email to firstname.lastname@example.org that the distribution is being made. Include the donor’s name, Church record number, mailing address, name of IRA administrator, exact amount contributed, and allocation of the donation among tithing, fast offerings, and other funds of the Church. This will help ensure that the donation is credited properly. A donor may contact Treasury Services at 801-240-2554 if there are questions or additional information is needed. Treasury Services will email an acknowledgment letter to the donor using the email address on their membership record, otherwise an acknowledgment letter will be mailed to the physical address on file.
To make an IRA qualified charitable distribution to the Church or one of its affiliated charitable institutions that does not include tithing, fast offerings, and/or ward mission fund allocations, a donor should:
Determine from the following the appropriate payee and Tax ID Number:
- Corporation of the President of The Church of Jesus Christ of Latter-day Saints (23-7300405) for donations to the Church or its charitable priorities such as:
- Humanitarian Services
- General Missionary Fund
- Self-Reliance Services/Perpetual Education Fund
- Family History/FamilySearch
- Church History Department
- Temple Patron Assistance Fund
- Temple Building Fund
- Brigham Young University (87-0217280)
- Brigham Young University-Idaho (82-0207699)
- Brigham Young University-Hawaii (99-0083825)
- LDS Business College (87-0280678)
2. Instruct his or her IRA administrator to send the funds by check made payable to one of the above-named entities directly to:
1450 N. University Ave
Provo, UT 84604
3. Notify LDS Philanthropies that the distribution is coming. Contact LDS Philanthropies by mail at the above address or via email or fax (below) and include the donor’s name, mailing address, name of IRA administrator, exact amount contributed, and allocation of the donation among charitable priorities. This will help ensure that the donation is credited properly.
LDS Philanthropies will mail to the donor an acknowledgment letter after the donation is received.
The foregoing information is intended as general information only and is not intended as legal, tax, or other professional advice. Donors and others should consult their own tax professional(s) for specific legal or tax advice on this matter.