IRA Charitable Rollover
Under federal tax law, a donor aged 70 1⁄2 or older may make charitable distributions directly from his or her IRA to the HBF without incurring taxable income.
The gift must come directly from the donor’s IRA administrator to the Foundation and can satisfy all or some portion of the required minimum distribution for the year.
While there is no charitable deduction for such a gift, the donor avoids payment of income tax on the required minimum distribution that would otherwise be paid to him or her.
The total of an individual’s rollover gifts in any one calendar year cannot exceed $100,000. Beginning in 2024, the limit will be adjusted annually for inflation, allowing your gift to keep pace with economic shifts.
Frequently Asked Questions
From which accounts can I make transfers?
Transfers must come from your IRA, payable to the Roman Catholic Diocese of Las Cruces. 401(k), 403(b), and other retirement plans do not qualify. Ask your advisor about transferring funds from these other accounts to an IRA.
How do I make my gift?
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 for you to receive a written acknowledgement from us.
Please provide the recipient information below to your custodian, along with our Tax ID# 85-0303816. Please direct your check, drawn on your IRA account and made payable to the Roman Catholic Diocese of Las Cruces, and send it to this address:
Roman Catholic Diocese of Las Cruces
Attn: Finance Dept
1280 Med Park Drive
Las Cruces, NM 88005
Can I deposit my IRA withdrawal in my personal, non-IRA account, then write a check from that account?
No, the funds must be transferred directly from your IRA. If not, you must report the withdrawal as taxable income.
My IRA custodian wants to mail a check directly to the charity. Is that allowed?
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.
Do I need to notify the RCDLC about my QCD?
Yes, please notify us at 575-222-4236 or email dcurran@rcdlc.org 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