What is a Qualified Charitable Distribution (QCD)?
A QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs can be counted toward satisfying your minimum required distributions (MRDs) for the year, as long as certain rules are met.In addition to the benefits of giving to charity, a QCD excludes the amount donated from taxable income, which is unlike regular withdrawals from an IRA. Keeping your taxable income lower may reduce the impact to certain tax credits and deductions, including Social Security and Medicare.
Download and Complete the QCD Form from your IRA provider. Here is a link to Fidelity’s QCD form.Under section 2 (Distribution Method) record the following:
Fidelity QCD Form
IRS Determination Letter
If required by your IRA provider, below is the IRS Determination Letter which recognizes Zambias Scholarship Funds status a tax-exempt organization that can receive tax deductible contributions. You can also get a copy of our 990 upon request. ZSF’s EIN# is 87-0641356.