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 $105,000* from your IRA (indexed for inflation starting in 2024), 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.
* Consult with your advisors if you make tax-deductible contributions to your IRA. This may impact the amount you can give to charity. Starting in 2024, QCD limits will be indexed annually for inflation.
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.
- Secure 2.0 increases the age retirees must begin taking required minimum distributions to 73. It does not, however, increase the age an IRA owner can make a qualified charitable distribution. The age remains at 70½.
- 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.
- You are allowed a one-time QCD gift from your IRA of up to $53,000 to fund a life income plan such as a charitable gift annuity.
Next Steps
- Contact the Gift Planning staff at 800-688-1827 or giftplanning@mskcc.org for additional information.
- Seek the advice of your financial or legal advisor.
- 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.