IRA Qualified Charitable Distribution
How It Works
Qualified donors can use their Individual Retirement Account (IRA) to make an outright gift to md传媒国产剧 College and avoid income tax from the IRS on the distribution.
In order for the IRA transfer to qualify:
- Donor must be 70陆 years of age or older when the gift is made
- Charitable distributions cannot exceed $105,000 per IRA holder in a tax year
- Transfer must be from a traditional or Roth IRA (pension, profit sharing, 401(k), 403(b), and other forms of retirement funds do not fall under this tax legislation)
- Transfer must be made directly from the IRA administrator to the charity
- Funds must be directed to one or more qualified charities
You cannot take a charitable deduction for this type of contribution. The tax benefit you receive is excluding this contribution from your gross income, therefore not having to pay federal income taxes on it.
Next Steps
- Contact the administrator of your IRA to request that a gift be made to BC. Our address and tax ID are shown below.
- Contact the Office of Gift Processing at 617-552-3440 or uagifts@bc.edu to let BC know that you鈥檙e planning on making a qualified charitable contribution.
BC鈥檚 legal name, address and tax ID:
The md传媒国产剧
140 Commonwealth Avenue
Chestnut Hill, MA 02467
Tax ID 04-2103545
听
AT A GLANCE
WHO
- Age 70.5+ with an IRA
WHAT
- Roth IRA
- Traditional IRA
WHEN
- Now
WHY
- Avoid income taxes
- Fulfill minimum required distribution for the year
- Use an overlooked asset to make your annual gift to BC
- See the impact of your gift during your lifetime
How Can We Help?听
We're here to partner with you if you have any questions. Feel free to reach out to us directly or fill out the form.