Using QCDs and RMDs from IRAs
Wheaton was a very homogeneous community when I attended and graduated in 1967. There were only a few non-white or foreign students. Even fewer students studied abroad and most were from the northeastern part of the U.S., like me. The Wheaton community did not have the opportunity to learn about other parts of the U.S. or other countries, cultures and communities in other parts of the world.
Although there was much to learn at Wheaton at that
time, I felt there was something missing—being able to interact with
students who had a different range of experiences.
Since then, Wheaton has changed for the better. The number of students from
other countries and cultures and first-generation students has increased
dramatically. Wheaton's programs to embrace and promote diversity, equity
and inclusion (DEI) on campus are impressive.
I chose to pledge to establish an endowed internship fund for experiential
learning. This way, I can give back to Wheaton and help enhance the
recent, successful efforts to broaden student exposure to the world and
build leadership skills for all students. I am funding this pledge with
annual gifts from the required minimum distribution (RMD) of my
IRA.
—Susan Glazer '67
Using an IRA for philanthropy, is it right for you?
- IRA owners 70½ years of age and older are eligible to make a QCD using their IRA.
- If you are 73 or older and must take your required minimum distribution (RMD), a QCD can satisfy your RMD without increasing your income, tax-free.
- A QCD can satisfy all or part of a donor’s annual required minimum distributions (RMD).
- A donor can use the QCD to fulfill any outstanding pledges to Wheaton.
- Gifts from IRAs don’t count as income; they can reduce a donor’s annual income level and tax liability, which may lower Medicare premiums and decrease the amount of Social Security that is subject to tax.
Contact us for more information to help you get started.
