Giving through your IRA

Giving through your IRA

Qualified Charitable Distributions

When you donate to OSF HealthCare through your IRA, you enjoy tax benefits while making a significant impact on those we serve with the greatest care and love.

What is a Qualified Charitable Distribution?

If you are age 70 ½ or over, making a gift from your IRA that is rolled directly to a qualified 501(c)(3) like OSF HealthCare, is a called a Qualified Charitable Distribution (QCD). (Also known as an IRA Charitable Rollover.) QCD gifts can be up to $100,000 per year. For more information on QCDs, please visit the IRS Website.

What are the benefits of a QCD?

The benefits of a QCD begin when a person reaches age 70½. Normally, when you take a distribution from your IRA, it is counted as taxable income. By rolling over your gift directly to a qualified charity like OSF HealthCare, you can enjoy the satisfaction of making a meaningful and impactful gift to this life-affirming Ministry; at the same time, you lower your tax burden because that distribution is not counted as income. Please note that QCD gifts do not qualify for a charitable deduction but also do not create a taxable event for you.

What is a Required Minimum Distribution?

The Required Minimum Distribution (RMD) is the smallest amount a person must withdraw from their IRA each year. That amount is considered taxable income to the IRA owner. There is a penalty of 50% of the value of the RMD if you do not make the annual withdrawal. You would be subject to an RMD if you were at least 70 ½ years old at any point in 2019 or are currently 72 years or older. For more information on RMDs, please visit the IRS Website.

The CARES Act waived RMDs for 2020. However, you may still make a QCD gift in 2020 and enjoy the benefits of helping others while effectively lowering your adjusted gross income, which can bring about other tax benefits. In future years, your QCD gift may be counted towards your RMD.

What would you like to accomplish?

QCD gifts to OSF HealthCare may be designated to support any area of OSF HealthCare that is meaningful to you. Please contact us if you wish your gift to be used for a specific purpose or have that purpose noted on your check. (ex: OSF Medical Center name/program)

How do I begin?

When Congress passed the law making QCD gifts permanent, it excluded gifts to supporting organizations. OSF HealthCare Foundation is the supporting organization for OSF HealthCare. Therefore,
QCD gifts must be rolled directly to the OSF HealthCare System, which is also a qualified 501(c)(3).
Please make the check payable to OSF HealthCare System (FEIN # 37-0813229)
and mail it to the OSF HealthCare Foundation at the address below.

The process is easy.

DOWNLOAD our sample request letter, complete and send to your IRA plan administrator.
Your IRA gift will be transferred directly from your plan administrator (normally by check) to OSF HealthCare System to support the area of your choice, OR, if you have been given a checkbook for your IRA account, please make your check payable to the OSF HealthCare System and mail it to:

OSF HealthCare Foundation
ATTN: Micki McCarthy
530 NE Glen Oak Avenue
Peoria, IL 61637

Thank you for your generous support!

For more information
Donors are invited to contact:
Micki McCarthy, Director of Gift Planning

IRA Plan Administrators are invited to contact:
Rene Mayginnes, Manager Administrative Services
(309) 566-5665

Toll Free: (877) 574-5678