Charitable Giving Using an IRA

Individuals may make a Qualified Charitable Distribution (QCD) from their IRA directly to Penn Medicine beginning at age 70½. The amount of the QCD is excluded from a donor’s Adjusted Gross Income (AGI), and thus not subject to income tax; donors do not receive and income tax charitable deduction for the gift. Donors aged 73 and older may use QCDs to satisfy some or all of their Required Minimum Distributions (RMDs) up to $105,000 annually.

The sample letter can be used to send to your IRA plan provider.

It is now possible to make a qualified charitable distribution from an IRA to fund a charitable gift annuity. This opportunity has some limitations and restrictions that differ from standard charitable gift annuities, and these should be examined closely when considering a gift. Contact us to learn more.