The Charitable IRA Rollover allows individuals 70½ and older to transfer up to $100,000 from their IRAs to Tufts without counting it as taxable income. Your contribution can be directed towards the annual fund or another area at Tufts that is particularly meaningful to you, such as financial aid, faculty support, or research. Your gift will be counted towards Brighter World: The Campaign for Tufts.
How to Make a Charitable IRA Rollover Gift
- Please contact your IRA custodian and instruct them to make a Charitable IRA Rollover gift 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:
Tufts University Gift Planning Office
80 George Street, 3rd Floor
Medford, MA 02155
- 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).
- While the rollover does not provide you with a federal charitable income tax deduction, the amount donated will not be included in your taxable income.
- The amount distributed will count towards all or a portion of your Required Minimum Distribution for the year.
- IRA rollover gifts may be used to satisfy outstanding pledges, but they 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 rollover 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.
A Charitable IRA Rollover gift may also be referred to as a Qualified Charitable Distribution (QCD).