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Gifts from Your IRA (a Qualified Charitable Distribution)

You can transfer funds from your IRA directly to the MPT Foundation—this is called a Qualified Charitable Distribution (QCD). QCDs are an effective way to have an immediate impact on the future of public media while also potentially reducing the amount of income tax you owe.

Here’s how it works:

● You must be 70.5 or older.

● An individual may give up to a total of $100,000 per year; a married couple may give up to $200,000.

● Your gift must be transferred directly from the IRA account to the MPT Foundation.

● You pay no income taxes on the QCD. This means that the gift generates neither taxable income nor a tax deduction, and you can benefit even if you don’t itemize deductions.

● Since the gift doesn’t count as income, it may potentially reduce your annual income level. This could help lower Medicare premiums and decrease the amount of Social Security that is subject to tax.*

● If you are 72 and older, the transfer of funds counts towards your annual Required Minimum Distribution* from your IRA.

● Because the IRS requires that you receive no goods or services in exchange for your QCD, you are not eligible to receive thank you gifts when making a gift from your IRA.

If you’re interested in this popular way to support the MPT Foundation and have questions, contact Erin Chrest at 410-581-4057 or echrest@mpt.org to learn more.

* Congress has waived the annual Required Minimum Distribution from IRA Accounts in the year 2020 as part of the CARES Act in response to COVID-19. Please rely on advice from your financial advisor or tax professional to understand how recent changes to laws governing retirement plans may impact you.

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