Legacy Planning

Qualified Charitable Distribution

Qualified Charitable Distribution

Give From Your IRA

A Simple Way to Partner With Joseph Prince Ministries

A Note From Our Legacy Planning Team

Beloved, if you are 70½ or older, you can give to Joseph Prince Ministries straight from your IRA. The gift goes directly from your IRA to the ministry, and it does not count as income on your tax return. If you have been giving to this ministry for years, this is one more way to keep sowing into the gospel of grace. Everything you need to give this way, at your own pace, is below.

What Is a QCD?

A Qualified Charitable Distribution (QCD) is a gift sent directly from your IRA to a qualified charity such as Joseph Prince Ministries. Because the money goes from your IRA custodian to the ministry and never passes through your hands, it is left out of your taxable income for the year. You do not need to itemize deductions to benefit.

A lower taxable income can also matter in other ways. It may affect how much of your Social Security is taxed and what you pay for Medicare. Your tax advisor can tell you how this applies to you.

How Do I Know If I Am Eligible?

  • You are 70½ or older on the date of the gift.

  • The gift comes from a traditional IRA (or another eligible IRA) and is sent directly to Joseph Prince Ministries.

  • You receive nothing of value in return for the gift.

  • Once you are required to take Required Minimum Distributions (RMDs), currently at age 73, a QCD can count toward your RMD for the year.

  • The annual IRS limit on QCDs is over $100,000 per person, across all the charities you give to. The limit adjusts for inflation each year.

  • If you are married and both of you are 70½ or older, each of you has your own limit from your own IRA.

Three Simple Steps

  1. Contact your IRA custodian, the company that holds your IRA, and ask them to send a Qualified Charitable Distribution to Joseph Prince Ministries. Download the sample custodian letter (PDF).

  2. Give your custodian the ministry’s legal name, tax ID, and mailing address (below) so the check is made payable to the ministry and sent correctly.

  3. Let us know a gift is on the way using the short form below. It is optional, but it helps us watch for your gift and thank you promptly.

Joseph Prince Ministries’ Information for Your Custodian

 

Legal name

Joseph Prince Ministries, Inc.

Federal tax ID (EIN)

20-8090240

Mailing address

Joseph Prince Ministries, Inc., PO Box 2115, Fort Mill, SC 29716

Timing: To count for this year, a QCD must be completed by December 31. Allow time for your custodian to process it and for the check to reach us by mail, so it is wise to start early.

Let Us Know a Gift Is Coming (Optional)

This isn’t required. Your custodian’s check will reach us either way. But IRA checks often arrive without your full details, so a short note lets our team recognize your gift and thank you as soon as it arrives. You can email us at [email protected] with your Name / Email or phone / Approximate gift amount / Custodian name (optional). 

Prefer to Talk It Through First?

Our legacy team is glad to answer general questions, with no pressure and no obligation.

Giving Now, and Giving Later

A QCD is a gift you make while you are living, so you can rejoice in it now. If you also want to leave a gift at your passing, you can name Joseph Prince Ministries as a beneficiary of your IRA or through your estate plan. See Retirement Accounts and Beneficiary Designations on the Legacy Planning page. You can do both.

Thank you, beloved, for your partnership in the gospel of grace.

Frequently Asked Questions

Is a QCD the same as a tax deduction?

No. A QCD is left out of your taxable income instead of being claimed as an itemized deduction, and you cannot claim it as a deduction as well. Please talk with your tax advisor about how this applies to your situation.

What if I have already taken my RMD for the year?

You can still make a QCD, and it will still be left out of your income. It cannot, however, be applied to an RMD you have already taken. Ask your custodian and tax advisor how it fits your situation.

Can I do this every year?

Yes. You can give a QCD every year, up to the annual limit.

Can I give from my 401(k) or 403(b)?

Not directly. A QCD must come from an IRA, not straight from an employer plan. Ask your tax advisor and plan administrator whether moving funds to an IRA first makes sense for you.

Can I give a QCD to a donor-advised fund?

No. A QCD cannot go to a donor-advised fund or a private foundation. It can go directly to Joseph Prince Ministries.

What if my custodian needs its own form instead of a letter?

That is common. Use our sample letter as a guide to the details to include, and follow your custodian’s own process if it requires a form.

Will I receive a receipt, and how is a QCD reported?

Once we receive your gift, we will send you a gift acknowledgement for your records. Your custodian reports the distribution on Form 1099-R. When you file, you or your tax preparer should mark it as a QCD so it is left out of your income.