On December 18th, 2015, the President signed into law the Protecting Americans from Tax Hikes (PATH) act, which includes a permanent extension of the Charitable IRA Rollover. Donors may now take advantage of the opportunity to make a Charitable IRA Rollover (also known as a Qualified Charitable Distribution)--a nontaxable distribution made directly by the administrator of an IRA to a qualified public charity.
Qualified Charitable Distribution (QCD) benefits include:
A QCD from a traditional IRA uses pre-tax dollars.
Generally, a QCD is excluded from taxable income.*
A QCD can be applied to required minimum distributions, if applicable.*
*The SECURE Act, which became effective January 1, 2020, raised to 72 the age for beginning required minimum distributions, but retained the age of 70 ½ for making QCDs. It also authorizes tax-deductible contributions to IRAs after age 70 ½ if the IRA owner is still working. If a tax-deductible contribution is made to an IRA after age 70 ½, the amount that may be excluded from income for a later-made QCD may be affected. Please consult your tax advisors for more information about this and other questions regarding IRA QCDs.
Basic requirements and limitations for a Qualified Charitable Distribution include:
The donor must be at least 70½ years of age at the time of the distribution.
The distribution must be from a Roth or Traditional IRA.
The distribution must be made directly from the IRA administrator to a qualifying charity such as The Church of Jesus Christ of Latter-day Saints or any of its institutions of higher education (gifts made to a donor-advised fund, supporting organization, or private foundation do not qualify).
Qualified Charitable Distributions are limited to $100,000.00 per individual per year (a spouse who qualifies may give a similar amount from his or her IRA).
The Church of Jesus Christ of Latter-day Saints IRA/QCD Instructions
To make an IRA qualified charitable distribution to the Church that includes tithing, fast offerings, and/or ward mission fund:
The Church is able to accept IRA Qualified Charitable Distribution (QCD) payments from donors when adequate information is provided with each donation. To accommodate the process, donors need to work with their IRA companies to ensure each payment includes the following information:
Donor’s Member Record Number
Donor’s Full Name
Donor’s Current Address
There are two options for sending an IRA QCD distribution to the Church:
Option #1 The IRA company may send the distribution check directly to Church Headquarters at the address shown below. The donor must ensure the IRA company includes all required donation information (as listed above) or the payment may be returned to the company for further handling.
Option #2 The IRA company may send the distribution check (payable as set forth below) directly to the donor who will then be responsible to include the required donation details (as listed above). The donor must send the original check from the IRA company, with the required donation details, to the Church at the address below.
All checks should be made payable to: The Church of Jesus Christ of Latter-day Saints An acceptable version of the payee name: The Church of Jesus Christ
Tax Identification Number: 87-0234341 (Tax ID does not need to be included on the check/stub)
Checks should be delivered to: The Church of Jesus Christ of Latter-day Saints 50 E North Temple Street, Room 1521/IRA Salt Lake City, UT 84150
Church Headquarters will e-mail donors an “Agency Acknowledgement Letter” on the 5th of each month. The Church acknowledgement letter simply confirms the Church received the funds.
IRA QCD Donations will not show up on the donor’s “Tax-valid Summary Statement” or be visible at the ward level, however Fast Offering and Ward Missionary donations will be reflected in ward balances. If a ward missionary donation is included, please provide the unit number and name of the missionary.
To make an IRA qualified charitable distribution to the Church or one of its affiliated charitable institutions that does not include tithing, fast offerings, and/or ward mission fund allocations, a donor should:
Determine from the following the appropriate payee and Tax ID Number:
The Church of Jesus Christ of Latter-day Saints (87‐0234341) for donations to the Church or its charitable priorities such as:
Church General Fund
Humanitarian Aid Fund
General Missionary Fund
Brigham Young University (87-0217280)
Brigham Young University-Idaho (82-0207699)
Brigham Young University-Hawaii (99-0083825)
BYU-Pathway Worldwide (82-1516199)
Ensign College (87-0280678)
Instruct his or her IRA administrator to send the funds by check made payable to one of the above-named entities directly to:
Philanthropies 1450 N. University Ave Provo, UT 84604
Notify Philanthropies that the distribution is coming. Contact Philanthropies by mail at the above address or via email or fax (below) and include the donor’s name, mailing address, name of IRA administrator, exact amount to be distributed, and allocation of the donation among charitable priorities. This will help ensure that the donation is credited properly.
Philanthropies or Treasury Services will mail to the donor an acknowledgment letter after the donation is received.
The foregoing information is intended as general information only and is not intended as legal, tax, or other professional advice. Donors and others should consult their own tax professional(s) for specific legal or tax advice on this matter.
For a detailed discussion of the services we provide you and your advisors, please contact us at 1-877-650-5377 or by email.