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 $105,000 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. Gifts from an IRA Checkbook* must be received by December 15.
“I started making gifts from my IRA for my 50th reunion. Being able to make these distributions as a charitable gift is a wonderful way to make a contribution to something you really care about.”
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 cannot exceed 105,000 in 2024.
- If you don’t itemize deductions and are not yet required to take your RMD, a QCD offers all of the benefits of an itemized income tax charitable deduction.
- If you are age 73 or older and must take your RMD, a QCD can satisfy your RMD without increasing your income taxes.
- 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.
- Under a new law effective in 2023, some donors can make a QCD in exchange for a charitable gift annuity. Learn about the special rules and limitations.
Please email us or call 800-MHC-GIVE with any questions so we can help you to take advantage of this special gift opportunity.
* If you have checkwriting privileges on your traditional IRA account and are permitted to send a QCD directly to a charity, it must be received by the College no later than December 15. Gifts sent directly to the College by your IRA administrator must be sent to the College by December 31.