If you are age 70 ½ or over, making a gift from your IRA that is rolled directly to a qualified 501(c)(3) like OSF HealthCare, is a called a Qualified Charitable Distribution (QCD). (Also known as an IRA Charitable Rollover.) QCD gifts can be up to $100,000 per year. For more information on QCDs, please visit the IRS website.

The benefits of a QCD begin when a person reaches age 70½. Normally, when you take a distribution from your IRA, it is counted as taxable income. By rolling over your gift directly to a qualified charity like OSF HealthCare, you can enjoy the satisfaction of making a meaningful and impactful gift to this life-affirming Ministry; at the same time, you lower your tax burden because that distribution is not counted as income. Please note that QCD gifts do not qualify for a charitable deduction but also do not create a taxable event for you.

The Required Minimum Distribution (RMD) is the smallest amount a person must withdraw from their IRA each year. That amount is considered taxable income to the IRA owner. There is a penalty of 50% of the value of the RMD if you do not make the annual withdrawal. You would be subject to an RMD if you were at least 70 ½ years old at any point in 2019 or are currently 72 years or older. For more information on RMDs, please visit the IRS website.

QCD gifts to OSF HealthCare may be designated to support any area of OSF HealthCare that is meaningful to you. Please contact us if you wish your gift to be used for a specific purpose or have that purpose noted on your check. (ex: OSF Medical Center name/program)