QUALIFIED CHARITABLE DISTRIBUTION

The Qualified Charitable Distribution, or QCD for short, is an excellent way to show your support for Portsmouth Abbey School and receive tax benefits in return. This popular gift option is also commonly referred to as an IRA charitable rollover. If you are 70 1/2 years or older, you can make a tax-free distribution from your IRA to Portsmouth Abbey. Any qualified contribution up to $100,000 counts toward your required minimum distribution. Your spouse may also make a qualified charitable distribution up to $100,000. 

Consider making a gift from your traditional IRA to make the most of your charitable giving and receive a tax benefit even if you take the standard deduction. Contact your financial advisor to see if the IRA Qualified Charitable Distribution is a good option for you. 

To Qualify 

  • You must be 70 ½ or older at the time of the gift. 

  • Distributions must be made directly from a traditional IRA account by your IRA administrator.  

  • Gifts must be outright, meaning they go directly to Portsmouth Abbey School. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify. 

Tax Benefits  

  • IRA Qualified Charitable Distributions are excluded from gross income for federal income tax purposes on your IRS Form 1040.  

  • The gift counts toward your required minimum distribution (RMD) for the calendar year in which you made the gift. 

  • You could avoid a higher tax bracket that might otherwise result from adding an RMD to your income. 

Contact your IRA administrator with the following information:

Legal Name: The Order of St. Benedict in Portsmouth Rhode Island 
Address for Distribution: Portsmouth Abbey School, 285 Cory’s Lane, Portsmouth, RI 02871 
Phone Number: 401.643.1269 

Tax ID#: 05-0258947

Please notify us that the gift is forthcoming. Some IRA administrators send checks with no identifying donor information, so sharing the details of your QCD helps ensure we can confirm receipt of the funds and make sure you are properly credited for the gift. 

Contact the Office of Development & Alumni Affairs at 401-643-1269.

The information on this website is not intended as legal, financial, or tax advice. Please consult an attorney, financial advisor, or tax advisor in your planning.