About Qualified Charitable Distributions
A Qualified Charitable Distribution (QCD) is a tax-efficient way for individuals who are age 70 ½ or older to make gifts directly from their Individual Retirement Account (IRA).
QCDs can count towards satisfying an individual’s Required Minimum Distribution (RMD) for the year, which is the minimum amount that an individual must withdraw from their IRA each year once they reach age 73.
Charitable contributions from an IRA must go directly to a public charity such as WGVU Public Media. Contributions to donor-advised funds and private foundations, except in narrow circumstances, do not qualify for tax-free IRA rollover contributions.
Distributions can only be made from traditional Individual Retirement Accounts or Roth IRAs. Charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible. Distributions must be made directly from the IRA trustee payable to WGVU Public Media (or another non-profit) before December 31 to qualify for the current tax year. You must receive an acknowledgment from WGVU Public Media (or other charity) for each rollover contribution.
The IRS does not allow any goods or services to be transferred to you in exchange for a contribution from your IRA; however, your WGVU membership will continue.
Benefits
- Reduce taxable income
- Counts towards your Required Minimum Distribution for the year
- Make an immediate impact on our mission
How it works
- Using this form, provide your contact information and donation details, including financial institution and gift amount (up to $105,000).
- Download, complete, and submit your forms to your financial institution using the instructions provided.
- Once your financial institution receives the forms, the funds are usually transferred to us in about 5-10 business days.
- Enjoy the benefit of a tax-free distribution from your IRA, contributing towards your Required Minimum Distribution and potentially reducing tax liability.
You will not receive a charitable income tax deduction for a Qualified Charitable Distribution.
Make your QCD gift quickly and hassle-free, today
In under 10 minutes you will be guided through the entire donation process, no sensitive information required.
On December 29, 2022, the SECURE 2.0 Act became law. This legislation updates language from the 2019 SECURE Act and implements changes intended to strengthen the retirement system. This QCD tool is updated to reflect relevant changes.
Should you wish to go directly through your plan administrator, they will need the following information:
Legal name: Grand Valley State University c/o WGVU Public Media
Federal Tax ID # (EIN): 38-1684280
Mailing address: WGVU Public Media (Attn: Aaron Turner), P.O. Box 1668, Grand Rapids, MI 49501
We recommend that you seek advice from your financial advisor or tax professional before making a charitable rollover as personal circumstances can significantly impact whether charitable rollovers are advantageous.
Click here for a sample transfer request letter to your plan administrator.
We’re here to help you meet your goals!
Our team would be happy to speak with you in confidence about your giving goals, with no obligation.
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More ways to make an impact
Gifts in a will or trust
Donations in your will or trust are (by far) the most popular type of planned gift. Learn more, or get help starting your will (for free!).
Beneficiary designations
Gifting assets not covered by your will — like 401(k) or IRA accounts — may help your heirs avoid unwanted taxes, even if you’re below the estate tax threshold.
Gifts that pay you back
Give assets while providing yourself or others with income for a period of time or distributions at a later date.