Individual Retirement Accounts

Once you turn 70 ½, you may distribute funds directly from your Individual Retirement Account (IRA) to a qualified charity, such as MOHI. This is called a Qualified Charitable Distribution (QCD).

Annual distributions in aggregate of $100,000 can be excluded from your income for income tax purposes. Additionally, if you are subject to a required minimum distribution (RMD) because you have reached your required beginning date for distributions (currently either age 70 ½, 72, or 73 depending on your year of birth), the amount of the QCD can count towards your RMD.

Because you do not take receipt of the funds (they are transferred directly from your IRA to the charity), the distribution is not includable in your income for income tax purposes. Nor may you use the distribution as an itemized deduction. These types of gifts are only available from an IRA and not an employer-provided retirement plan such as a 401(k) or 403(b).

You should make your IRA custodian aware of your intention to make a Qualified Distribution and funds can be transferred to:

Missions of Hope International
P.O. Box 12440
Glendale, AZ 85318

Please note that you should discuss this action with your financial advisor/tax advisor to review how such a gift would impact your income tax situation.