You can support Tufts with an IRA Qualified Charitable Distribution (QCD), also referred to as an IRA Charitable Rollover. If you are at least 70-1/2 years old, you can contribute up to $100,000 each tax year directly from your IRA to Tufts. Your gift may satisfy your required minimum distribution and reduce your taxable income. You can support the annual fund or another area at Tufts that is important to you, make a gift in honor of your reunion, or make a pledge payment. Your gift will be counted towards Brighter World: The Campaign for Tufts.
Please note that while in most years an IRA QCD could reduce your taxable income by satisfying your required minimum distribution (RMD), the CARES Act has suspended the requirement to take withdrawals from most retirement plans during 2020. While you may choose to contribute through an IRA QCD in 2020, please check with your advisor if this is the most tax-efficient way for you to make a gift this year.
How to Make an IRA Charitable Distribution
- Please contact your IRA custodian and instruct them to make a qualified charitable distribution to Tufts and make the check out to "Trustees of Tufts College." You may need Tufts’ tax ID number, which is 04-2103634.
- Have your IRA custodian send your gift to:
P.O. Box 3306
Boston, MA 02241-3306
- When you speak with your IRA custodian, please ensure that they will include information on the check that identifies you as the donor.
- The gift must be sent directly from your IRA custodian and not from your personal checking account.*
- To qualify as a gift in this calendar year, it must be delivered to Tufts by your IRA administrator on or before December 31 (if sent by mail, the postmark will determine the delivery date; if sent electronically, this is the date the gift reaches Tufts' account).*
*Please Note: If you have check-writing privileges on your IRA account, please allow sufficient time for Tufts to receive and process your intended gift, especially at calendar year end. If you have IRA check-writing privileges, we recommend that you mail your check no later than December 20.
- While the charitable distribution does not provide you with a federal charitable income tax deduction, the amount donated will not be included in your taxable income.
- An IRA charitable distribution can fulfill all or part of your required minimum distribution for the year.
- IRA charitable distributions cannot be used to fund or add to split-interest gifts, such as gift annuities or charitable remainder trusts.
- Gifts must be made to a charity or charities qualified under Sections 509(a)(1) and 170(b)(1)(A). They cannot be made to a donor-advised fund.
- The donor must be age 70½ or older on the date the IRA charitable distribution is made.
- The amount donated annually from one or more IRAs cannot exceed $100,000 per individual.
- Gifts from a traditional or Roth IRA qualify, but not gifts from a 401(k), 403(b), SEP, and other retirement plans.
- State tax benefits vary with such gifts.