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IRA Qualified Charitable Distribution

A Smart Way to Make an Impact Now

If you are 70½ years old or older, you can take advantage of a simple way to benefit MSK and receive tax benefits in return. You can give any amount up to $100,000 from your IRA directly to a qualified charity such as MSK without having to pay income taxes on the money. This popular gift option is known as a qualified charitable distribution (QCD) and is commonly called the IRA charitable rollover.

Why Consider This Gift?

  • Your gift will be put to use today, allowing you to see the difference your donation is making on MSK's research and care.
  • You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution.
  • Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Next Steps
  1. Contact the Planned Giving staff at 800-688-1827 or plannedgiving@mskcc.org for additional information.
  2. Seek the advice of your financial or legal advisor.
  3. Ask your IRA administrator about making a direct transfer (known as a QCD or qualified charitable distribution) to MSK or have the administrator send a check from your account to us. (To be tax-free, the donation must go directly from your account to MSK without passing through your hands.)

If you include MSK in your plans, please use our legal name and federal tax ID.
Legal Name: Memorial Sloan Kettering Cancer Center
Address: 1275 York Avenue, New York, NY 10065
Federal Tax ID Number: 13-1924236

Make an Impact Tomorrow

To drive tomorrow’s groundbreaking discoveries in cancer research and their development into life-altering treatment options for future patients around the world, consider naming MSK as a beneficiary of your IRA. With this option, you can give generously while also reducing the income tax burden and possible estate tax burden on your heirs.

 

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