Qualified Charitable Distribution
The qualified charitable distribution (also referred to as the IRA charitable rollover) is permanent. Donors 70 ½ and older are eligible to give up to $100,000 directly from their IRA to Mount Holyoke tax-free.
How to make it happen:
Contact your advisor, retirement plan administrator, or plan fiduciary company to initiate a transfer. You may also complete this form, which is accepted by most IRA custodians.
How it works:
- The donor must be age 70 ½ or older when the gift is made.
- The gift must come from an IRA account. (401(k), 403(b), SEP IRA accounts, and other retirement accounts do not qualify.)
- The gift must come directly from your IRA administrator to Mount Holyoke.
- Total QCD gifts in any one year cannot exceed $100,000.
- The QCD can count toward your Required Minimum Distribution (RMD) if you have not already taken your RMD for the year you make your gift.
- The gift from your IRA will not be available as an income tax charitable deduction.
- The gift from your IRA will be excluded from income.
- Please note that gifts given directly from your IRA cannot be used to establish life income gifts such as charitable gift annuities and charitable trusts.
Please email us or call 800-MHC-GIVE with any questions so we can help you to take advantage of this special gift opportunity.