Qualified Charitable Distribution

Reducing Your Taxable Required Minimum Distributions (RMDs)

Did you know that you can contribute directly to Perimeter Church from your IRA? If you are 70½ or older, you can have the custodian of your IRA make a non-taxable Qualified Charitable Distribution (QCD) directly from your IRA to Perimeter Church in a manner that helps satisfy your yearly Required Minimum Distribution (RMD) requirement. Note that this transfer is not tax-deductible but may reduce your overall tax requirement more than a direct contribution by nature of the reduction of your overall gross income. We will send you a written confirmation of your gift once your transaction is complete. 

Simply instruct your IRA administrator to make the check payable to Perimeter Church (TIN 58-1348544) and mail the check addressed as follows: 

Perimeter Church
9500 Medlock Bridge Rd. 
Johns Creek, GA 30097 

Please notify the Accounting office by emailing Carol Wallace that the distribution is being made. Include the donor’s name and mailing address, name of IRA Administrator, the exact amount contributed, and the allocation of the donation. This will help ensure that the donation is credited properly. If you have questions, you should contact your financial advisor, accountant, or tax preparer. 

RMD Rule Changes for 2020

·      The Secure Act which became effective January 1, 2020, raised to 72 the age for beginning required minimum distributions, but retained the age of 70 ½ for making QCDs. It also authorizes tax-deductible contributions to IRAs after age 70 ½ if the IRA owner is still working. If a tax-deductible contribution is made to an IRA after age 70 ½, the amount that may be excluded from income for a later-made QCD may be affected. Please consult your tax advisor for more information about this and other questions regarding IRA QCDs.

·      The Cares Act of March 27, 2020, includes a provision that suspends all RMD requirements for 2020 until 2021. This includes anyone who turned age 70 1/2 in 2019 and would have had to take the first RMD by April 1, 2020. If you have questions, you should contact your financial advisor, accountant, or tax preparer.