Jr./Sr. High School – Oneida, NY
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  IRA Charitable Rollover

Dear Friends,

Do you have an IRA and are required to take an annual distribution (RMD)?

Here is a unique opportunity to help HCA AND potentially reduce your tax liability: The Qualified Charitable Distribution (QCD) or Charitable IRA Rollover.

Individuals over 70 ½ are allowed to roll up to $100,000 from an IRA directly to Holy Cross Academy and potentially realize significant tax benefits. Normally, any distribution taken and subsequently donated is taxable as income. Now, it may be rolled directly to a qualified charity and it is not recognized as income, but does count toward your required distribution. The result is a sizeable tax benefit to the benefactor. By treating the rollover as part of an IRA owner’s minimum distribution, taxes on the required distribution can be avoided. Typically only traditional and Roth IRAs qualify for the rollover. Taxpayers with other types of retirement plans may be able to roll those plans to an IRA and then use the IRA rollover to make charitable gifts.

From the Fidelity website: "A QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs can be counted toward satisfying your required minimum distributions (RMDs) 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. Also, QCDs don't require that you itemize, which due to the recent tax law changes, means you may decide to take advantage of the higher standard deduction, but still use a QCD for charitable giving."

IRA owners are encouraged to contact their IRA custodian now to direct transfers to Holy Cross Academy. You will have to provide our Fidelity account #: Z44-989452 and the DTC number: 0226. Please contact Holy Cross Academy or visit our website: www.holycrossacademy.com for more information.

If you haven’t reached age 70 ½, please pass the news on to your relatives and friends.

Please consider HCA in your charitable giving, and save at the same time!

NOTE: HCA is funded not by State or Diocesesan funds, but is supported by our generous donors. Thank you!

Here are some resources for further reading:



Be sure to consult your financial planner, attorney, accountant or tax professional

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