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IRA Charitable Rollover

PLEASE NOTE THESE IMPORTANT CHANGES REGARDING YOUR RETIREMENT ACCOUNTS:

The SECURE Act (Setting Every Community Up for Retirement Enhancement) was passed in December 2019 and raised the age from 70 ½ to 72, at which individuals must begin taking their Required Minimum Distribution (RMD) from their retirement accounts.

The CARES Act (Coronavirus Aid, Relief, and Economic Security) was enacted on March 27, 2020 and included a waiver to allow people to bypass their RMD for 2020.

Both of these new laws still enable you to benefit from tax savings when you make a gift by rolling over funds directly from your IRA to a qualified public charity, up to $105,000 per year, per individual IRA owner. This is called an IRA Charitable Rollover or Qualified Charitable Distribution (QCD).

Flowchart: Donor directs IRA custodian to make a Qualified Charitable Distribution to OSF HealthCare.

With the COVID-19 pandemic, the impact of your gift is greater than ever. QCD gifts help to supply the necessary resources for OSF HealthCare to provide critical healthcare for our communities with excellence, compassion and innovation. This is the Sisters' Mission, to serve persons with the greatest care and love in a community that celebrates the Gift of Life.

PLEASE NOTE: Because OSF HealthCare Foundation is the supporting organization for OSF HealthCare System, Qualified Charitable Distribution gifts must be rolled directly to the OSF HealthCare System. OSF Foundation is happy to help you with this process.

Qualified Charitable Distribution gifts to OSF Healthcare System
may be designated to support any medical center/hospital or program within the OSF Ministry.

Benefits of an IRA charitable rollover

  • Avoid taxes on transfers of up to $105,000 per year from your IRA to OSF HealthCare.
  • Choose which area of OSF HealthCare you wish to support with your gift.
  • May satisfy your Required Minimum Distribution (RMD) for the year while saving you on taxes, even if you do not itemize deductions.
  • Make a gift that is not subject to the deduction limits on charitable gifts
  • Help further the life-affirming work and Mission of OSF.

How an IRA charitable rollover gift works

  1. Contact your IRA plan administrator to make a gift from your IRA to OSF HealthCare System. SAMPLE LETTER
  2. Your IRA funds will be directly transferred to OSF HealthCare System to support the area of your choice.
  3. Please note that IRA charitable rollover gifts do not qualify for a charitable deduction but also do not create a taxable event for you.
  4. Please contact us if you wish for your gift to be used for a specific purpose.

Contact us

If you have any questions about an IRA charitable rollover gift, please contact us. We would be happy to assist you and answer any questions you might have.

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