Make a Gift Tax-Free With an IRA
A Smart Way to Make an Impact Now
If you are 70½ years old or older, you can take advantage of a simple way to benefit MSK and receive tax benefits in return. You can give any amount up to $100,000 from your IRA directly to a qualified charity such as MSK without having to pay income taxes on the money. This popular gift option is known as a qualified charitable distribution (QCD) and is commonly called the IRA charitable rollover.
Why Consider This Gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making on MSK's research and care.
- You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- If you reached the age of 70½ on or before Dec. 31, 2019, you can use your gift to satisfy all or part of your required minimum distribution for the year. If you turn 70½ on or after Jan. 1, 2020, you can use your gift to satisfy all or part of your required minimum distribution starting at the age of 72. (Note: The RMD requirement has been waived for 2020, per the CARES Act signed into law on March 27, 2020. Check with your financial advisor to see how this temporary rule will apply to you.)
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Discover how to use the IRA charitable rollover to make a gift to MSK.
- Contact the Office of Planned Giving at 800-688-1827 or firstname.lastname@example.org for additional information on giving an IRA gift.
- Seek the advice of your financial or legal advisor.
- Ask your IRA administrator about making a direct transfer (known as a QCD or qualified charitable distribution) to MSK or have the administrator send a check from your account to us. (To be tax-free, the donation must go directly from your account to MSK without passing through your hands.)
Legal Name: Memorial Sloan Kettering Cancer Center
Address: 1275 York Avenue, New York, NY 10065
Federal Tax ID Number: 13-1924236