What Will Your Legacy Be?
For more than 100 years, Morris Hospital has been dedicated to improving the health of our community. As a non-profit hospital, philanthropy plays a critical role in our ability to not only deliver services, but to provide for families in need of compassionate care. Your support allows us to offer quality health care to everyone, regardless of their ability to pay.
Here is a tax-smart way to make an impact for Morris Hospital Foundation using your qualified retirement plan. The IRA charitable rollover (also called the Qualified Charitable Distribution, or QCD) is a great way to make a tax-free gift to Morris Hospital Foundation and satisfy your required minimum distribution.
How Do I Qualify?
- You must be 70 ½ years old or older at the time of the gift.
- Gifts must go directly from your IRA to Morris Hospital Foundation.
- Gifts must come from a traditional IRA or Roth IRA account.
- Gifts cannot exceed $100,000 per donor.
Benefits of an IRA Charitable Rollover Gift
- Gifts can satisfy your RMD without increasing your income taxes.
- You will not pay taxes on your IRA withdrawal when gifted to Morris Hospital Foundation.
- You may direct your gift to a program or area of your choice.
- It is a wonderful way to create an immediate impact on Morris Hospital Foundation.
Your IRA administrator can help you make a qualified charitable distribution from your IRA. Be aware that many administrators require you to use their QCD distribution form and comply with other requirements. Please note that it is important to follow your financial institution’s forms and procedures to ensure you receive the tax benefits of a QCD.