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The Charitable IRA Rollover Extension

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Take Advantage of the Charitable IRA Rollover Extension

The Charitable IRA Rollover has been retroactively extended for gifts made by December 31, 2013.

What is a Charitable IRA Rollover?

If you are 70 ½ or older, you may make a direct transfer of up to $100,000 from your IRA to a qualified public charity. 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 in 2013

You can make Charitable IRA Rollover gifts throughout 2013 and have them count toward your 2013 required minimum distributions. Due to the new limitations on itemized deductions for high-income earners in 2013, IRA rollovers may be particularly appealing, as the gifts are not categorized as itemized deductions and they reduce one’s adjusted gross income.

How to Make a Charitable IRA Rollover Gift:

Gifts must come directly from your IRA custodian and not from your personal checking account.

  • 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.” Your IRA custodian may require 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.

Important Details:

  • 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 70 ½ 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).

Contact Us:

If you have any questions, please contact Tufts’ Gift Planning Office at 617-627-3727 or toll-free at 1-888-748-8387 or email us at giftplanning@tufts.edu.

Thank you for your consideration of a gift for Tufts!