Qualified Charitable Distribution (QCD)

Make a tax-free gift using your IRA to support Crouse Health today

Qualified Charitable Distribution (QCD)

Fulfill your Required Minimum Distribution
Federal law allows people age 70½ or older to make direct transfers up to $105,000 per year per person to charitable organizations from their Individual Retirement Account (IRA), without the withdrawal being treated as taxable income. The withdrawal can be counted toward your Required Minimum Distribution.

Q: From which accounts can I make transfers?
A: Transfers must come from your IRA, made payable to the Crouse Health Foundation. 401(k), 403(b), and other retirement plans do not qualify. Ask your advisor about transferring funds from these other accounts to an IRA.

Q: How do I make my gift?
A: Contact your IRA custodian and follow their procedures to request a “Qualified Charitable Distribution.” The check must be accompanied by your name and address information so you can receive a written acknowledgment from us.

Please provide the recipient information below to your custodian, along with our Tax ID# 15-6005402. Please direct your check, drawn on your IRA account and made payable to the Crouse Health Foundation, to:

Crouse Health Foundation Attn: Gift Processing – IRA Distribution 736 Irving Ave. Syracuse, NY 13210

Q: Can I deposit my IRA withdrawal in my personal, non-IRA account, then write a check from that account?
A: No, the funds must be transferred directly from your IRA. If not, you must report the withdrawal as taxable income.

Q: My IRA custodian wants to mail a check directly to Crouse Health Foundation. Is that allowed?
A: Yes, many custodians will mail a check directly to the charity. However, if you want a written acknowledgment, it’s important for you to instruct your custodian to include your name and address.

Q: Do I need to notify Crouse Health Foundation about my QCD?
A: Yes, please notify us at crousefoundation@crouse.org or (315) 470-7469 when your gift is on the way and provide the following information:

• Gift amount
• Your name and address
• Name of the financial institution sending your gift

Q: Will I receive a gift acknowledgment?
A: We can only mail an acknowledgment to you if your name and address are provided along with the check or if you notify us about your gift at crousefoundation@crouse.org or (315) 470-7469. You may not use the acknowledgment to claim a deduction. (See “tax implications” below.)

Q: What are the tax implications?
A:

• Federal: The transfer is not recognized as a taxable withdrawal from your IRA, and does not afford you an income tax charitable deduction.
• State: Tax laws vary by state. Some states have a state income tax and will include the transfer as income. Of those, some will allow for a state income tax charitable deduction and others will not. Other states base their state income tax on the federal income or federal tax paid.

In New York State, Qualified Charitable Distributions (QCDs) are generally not subject to state income tax. This aligns with the federal tax treatment, where QCDs are excluded from gross income and do not provide a charitable income tax deduction.

However, it’s important to consult with a tax advisor or financial professional for personalized advice, as individual circumstances may vary.

Remember, the information provided here is general in nature and should not be considered as tax or financial advice. Always consult with a qualified professional to discuss your specific situation and ensure compliance with all applicable tax laws.

Q: Can I use a QCD to fund a charitable gift annuity?
A: Under certain circumstances, you may be eligible to fund a charitable gift annuity with a QCD. Please contact us for more information.

Q: I have other questions. Who do I contact?
A: Please contact us at crousefoundation@crouse.org or call (315) 470-7469.