If you are 70½ or older, you can make a tax-free gift to Friends-Boston directly from your individual retirement account (IRA). This is called a qualified charitable distribution (QCD).
The FAQs on the SECURE Act: The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted January 1, 2020. With it came many questions for those who are planning for retirement, retired or who are retiring in the near future.
The advantages of a QCD
The requirements for an IRA gift
- Be age 70½ or older
- Give your required minimum distribution, up to $100,000, from your IRA per year
- Transfer funds directly from a traditional or rollover IRA to Friends-Boston
Please note: Gifts from an IRA cannot be accepted when goods or services from the charity are provided.
- Contact your IRA administrator, and then call Friends-Boston's Development Office at 617-983-3682 to share your intentions.
- Download Friends-Boston's sample distribution letter to customize and share with your IRA administrator or financial advisor.
Please call Friends-Boston's Development office at 617-983-3682, or email Stacy DellOrfano.
Are you a financial advisor?
If your clients are looking to make a gift through their IRA, please note Friends-Boston's tax ID number is 20-1581289. Please see our Resources for Advisors for more information.
- Tax benefits: A charitable gift transferred from your IRA directly to Friends-Boston will not be taxed and can satisfy your required minimum distribution (RMD), maximizing benefits to both you and Friends-Boston.
- Ease: You do not need an attorney to make this gift; simply contact your IRA administrator.
- Flexibility: An IRA gift can be directed to unrestricted support for Friends-Boston's long-term professional mentoring or a specific area.