Make a Big Impact with an IRA Gift

A TAX-WISE GIFT

A Qualified Charitable Distribution (QCD) is a great way for donors age 70 ½ and up to make a tax-free gift to support the areas at Baystate Health that matter most to them.  With a QCD, donors can transfer up to $105,000 directly from their IRA (or IRAs) to a qualified charity, such as Baystate Health Foundation, each year. 

A Smart Way to Give:

• If you’re 73+ and are required to take your Required Minimum Distribution (RMD), a Qualified Charitable Distribution (QCD) can satisfy your RMD without increasing your income taxes. With the “first dollars out” philosophy, the first dollars out of an IRA each year are considered to be the RMD until that amount is met, so making a donation early in the year can be beneficial!
• 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.
• 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.
• If you don’t itemize deductions and are not yet required to take your RMD, a QCD offers all of the benefits of an itemized income tax charitable deduction.
• Your gift will make an immediate difference for the area of Baystate Health that matters most to you!
• Many donors consider multi-year gifts or create named endowed funds to honor their values or a loved one as this unique giving opportunity makes it possible to consider a special gift.  

How Do I Qualify?

• You must be 70 ½ years or older at the time of the gift.
• Gifts must go directly from your IRA to Baystate Health Foundation.
• For 2024, total QCD gifts cannot exceed $105,000 per donor.

How can I make an IRA Charitable Rollover?

Contact your IRA administrator for their QCD distribution form and information on the procedure to make such a gift.

At Any Age

At any age, you can support our lifesaving and life-enhancing mission with a full or partial beneficiary designation of your IRA or other retirement account. Your gift will pass to us tax-free. This is a popular, simple and flexible gift. Simply contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website. Consider a percentage to make a future difference for Baystate Children’s Hospital, Cardiac or Cancer Care, or whatever hospital or program matters the most to you.  

Questions?  Reach out to Kylie Johnson at 413-794-7789 or Kylie.Johnson@BaystateHealth.org. 

BHF does not provide tax or legal advice. Please consult your tax and legal advisors for advice concerning legal, tax or financial matters, including gift planning.