Use your IRA to make a tax-free charitable gift

04/01/2024

Individual Retirement Account (IRA) owners age 70½ or over can transfer up to $105,000 directly to a qualified charity such as the Banner Health & Alzheimer’s Foundations without having to pay income taxes on the money. These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily give to charity using retirement assets they may no longer need. For a married couple, if both spouses are age 70½ or over when the distributions are made and both have IRAs, each spouse can exclude up to $105,000 (for a total of up to $210,000) from their taxable income per year. And, for those who are at least 73 years old, QCDs count toward the IRA owner's required minimum distribution (RMD) for the year.

Benefits of an IRA charitable rollover

  • Avoid taxes on transfers of up to $105,000 from your IRA to our organization
  • May satisfy your required minimum distribution (RMD) for the year
  • Reduce your taxable income, even if you do not itemize deductions on your tax return
  • Make a gift that is not subject to the deduction limits on charitable gifts
  • Help further the work and mission of nonprofit Banner Health

How an IRA charitable rollover gift works

  1. Contact your IRA plan administrator to make a gift from your IRA to Banner Health Foundation or Banner Alzheimer’s Foundation
  2. These transfers become tax-free as long as they're paid directly from the IRA to the Foundation
  3. Please note IRA charitable rollover gifts do not qualify for a charitable income tax deduction
  4. Please contact us if you wish for your gift to support a specific Banner Health hospital, program, or area of care.

To learn more about gifts made from retirement accounts or other assets, contact Emily Leva, Director of Planned Giving, at (480) 335-4876.