Charitable gifts from IRAs shot up by 74% in 2018

Americans distributed an average of $9,200 from their IRAs to charities from 2017 to 2018, according to a new report from FreeWill, a fundraising firm. And the number will likely be higher next year. This may be a good solution for you too.

Qualified Charitable Deductions (or QCDs) from an IRA – also known as IRA charitable rollover gifts – surged by 73.8 percent between 2017 and 2018, and 92 percent of nonprofit organizations surveyed by FreeWill reported increases in QCD (Qualified Charitable Deductions) giving.

The report noted that QCDs are open to anyone 70-1/2 and older with a traditional IRA – 401(k)s are not eligible for QCDs. Distributions from IRAs can satisfy the IRS’s minimum distribution requirement. These gifts can be made annually up to a maximum of $100,000 per year; there is no minimum.

FreeWill’s research comprised a survey and conversations with upward of 120 nonprofits with total revenue ranging from $1 million to $1 billion.

The research showed that QCD gifts are getting bigger. Fifty-two percent of charities surveyed reported that the average gift had increased since 2017. Only 12 percent said the average had decreased, and 30 percent reported no change.

Read the full story at ThinkAdvisor.
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