Your Individual Retirement Account (IRA) can provide a tax-smart way to make an immediate impact to California State University, Bakersfield! The Qualified Charitable Distribution (QCD) is an otherwise taxable Required Minimum Distribution (RMD) from an IRA that is paid directly from the IRA to a qualified charity.
Benefits of Qualified Charitable Distribution
- If you are age 73 or older and must take an RMD, a QCD gift can satisfy your annual RMD requirement
- A QCD excludes an otherwise taxable RMD from your taxable income by giving the distribution directly to charity
- If you don’t itemize income tax deductions, a QCD offers all of the benefits of an itemized charitable deduction
- Your gift can be unrestricted or directed to a California State University, Bakersfield program of your choice.
How Do I Qualify?
The Qualified Charitable Distribution (QCD) offers multiple benefits for making gifts from your IRA.
- You must be 70½ years or older at the time of the gift.
- Gifts must go directly from your IRA to California State University, Bakersfield.
- For 2024, total QCD gifts cannot exceed $105,000 per donor.
How Can I Make a Qualified Charitable Distribution?
Contact your IRA administrator to request a Qualified Charitable Distribution from your IRA to CSU Bakersfield. Information that you may need for the QCD is provided below:
- Legal name: California State University Bakersfield Foundation
- Mailing address: 9001 Stockdale Hwy, Mail Stop: 19AW Bakersfield, CA 93311
- Federal Tax ID number: 95-2643086