If you are 70½ or older and have an IRA, you are already qualified!
How a Qualified Charitable Distribution (QCD) Works
You are at least 70½ years old with a qualified individual retirement account (IRA)*
Make a qualified charitable distribution (QCD) from your IRA
*If you are 73 years old or older, your QCD can be used to satisfy your required minimum distribution (RMD). Just keep in mind that you must make your QCD before taking your RMD to benefit from tax savings.
Did You Know?
You can also support our mission for years to come. Simply name Skidmore College as a beneficiary of your IRA account, and the remaining assets (or a portion) of the account will be distributed to help bring our students a unique educational experience.
Sample Beneficiary Designation
Legal name: Skidmore College
Address: 815 N Broadway, Saratoga Springs, NY 12866
Federal Tax ID number: 14-1338562
Discover the Benefits of a Qualified Charitable Distribution (QCD)
Reduce Your Taxable Income
When you take funds from your IRA, they count as taxable income. But if you transfer them directly to Skidmore College, you reduce your taxable income while satisfying your RMD.
Fulfill Your Required Minimum Distribution (RMD)
After you turn 73, you must distribute funds from your IRA. If you do not distribute the required minimum, you may be penalized, but a QCD allows a transfer up to $105,000 per individual or $210,000 per couple to satisfy your RMD. Just keep in mind that if you intend to take part of your RMD and donate the other part as a QCD, you must make your QCD before taking your RMD to benefit from any tax savings. Consult your financial advisor or contact our team for more guidance.
Transform the World
When you make a qualified charitable distribution from your IRA to Skidmore College, you help make an impact on the leaders of tomorrow.
“When I reached the age for mandatory distribution from my inherited IRA, I asked the administrator to make the payment directly to Skidmore. This IRA was inherited from my mother, Rae Eno Werner, Skidmore Class of 1946. This way, I could continue our family’s support of Skidmore across the generations and lower my taxable income. A win-win.”
—Christine Werner ’71, QCD Donor and her husband Michael Altschul, along with her mother Rae Eno Werner.
Find Out if a Qualified Charitable Distribution is Right For You
| I was born before . | Yes | No |
|---|---|---|
| I have a qualified IRA. | Yes | No |
| I want to make a difference today. | Yes | No |
You’re qualified to make this type of gift!
It looks like there are still some requirements that need to be met!
Take Your Next Steps
Step 1
Get started by selecting your IRA custodian and filling out your information below.
This information will be used to pre-fill your distribution form.
STEP 2
Once you have downloaded and completed the rest of your form, please mail the form to your IRA custodian. We recommend mailing this by December 1 to ensure you receive your tax deduction for this year.
STEP 3
Please let us know about your generous gift!
We’d like to thank you and ensure your gift goes to the program or department you desire.