If you are 70.5 or older. You can give up to $105,000 per year from your individual retirement account (IRA) to Holy Redeemer School without paying income taxes on the distribution.
Make sure you have the company that holds your IRA write the check to Holy Redeemer Chinese Catholic School.
The amount of the QCD can be subtracted from you income subject to Federal tax.
You do not want to have the donation sent to you directly as you will have to pay taxes on this distribution.
You can take a QCD in any amounts many times during the year.
If you are required to take a distribution from your IRA (Required Minimum Distribution) you can take advantage of the QCD described above. Your QCD donation can be subtracted from IRA RMD distribution income to lower your taxable income.