The IRA charitable rollover (also called the Qualified Charitable Distribution, or QCD) is a terrific way to make a tax-free gift to University of Puget Sound using your qualified retirement plan. This gift may also satisfy your required minimum distribution (RMD).

How Do I Qualify?

  • You must be 70½ years old or older at the time of the gift.
  • Gifts must go directly from your IRA to University of Puget Sound.
  • Gifts must come from a traditional IRA or Roth IRA account.
  • Gifts cannot exceed $100,000 per donor.

Benefits of an IRA Charitable Rollover Gift

  • 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 72 or older and must take your RMD, a QCD can satisfy your RMD without increasing your income taxes.
  • You will not pay taxes on your IRA withdrawal when gifted to University of Puget Sound.
  • You may direct your gift to a program or area of your choice. 
  • It is a wonderful way to create an immediate impact on University of Puget Sound.

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Charitable IRA Rollover – Gift Instructions

The process for making QCD varies from place to place, depending on the financial administrator for your IRA.

  • QCDs are generally made through the Required Minimum Distribution (RMD) process for your IRA administrator. 
  • QCDs can often be made by sending your IRA administrator a Letter of Instruction.
  • A link to a sample letter of instruction can be found here.
  • If you wish to make a QCD gift before the calendar or fiscal year-end, please allow a minimum of three weeks for the gift to be processed and received. 

Common IRA Administrators

For your reference, below are the instructions from some well-known IRA administrators:

1. FIDELITY

  • If you have check writing privileges to access your Fidelity IRA assets, you can write a check directly to the University of Puget Sound and send it to:

Kurt Graupensperger
Office of Capital and Planned Giving
University of Puget Sound
1500 N. Warner Street,
Tacoma, WA  98416

  • Or visit Fidelity’s website here to access Fidelity’s QCD form. Then complete and submit it to your Fidelity IRA administrator.

 

2. VANGUARD

  • Visit the Vanguard Log in to access your on-line account. Once you’ve logged in:
  • Choose an eligible account and select Send me a check from the Where’s the money going? drop-down menu.
  • Select the Qualified Charitable Distribution checkbox and read the QCD considerations.
  • Enter the name of the charity. For example in this case, University of Puget Sound.
  • Proceed through to the confirmation screen.
  • Vanguard will generate a check made out to Puget Sound, but will send it to you to forward on to:

Kurt Graupensperger
Office of Capital and Planned Giving
University of Puget Sound
1500 N. Warner Street,
Tacoma, WA  98416

 

3. TD AMERITRADE

  • Visit the TD Ameritrade Log In to access your on-line account. Once you’re logged in:
  • Click on Client Services.
  • Then click on Forms & Agreements.
  • Enter the keyword “Required.” This will help you find your Required Minimum Distribution (RMD) form.
  • Complete and return the RMD form and include a Letter of Instruction to the IRA administrator.
  • See TD Ameritrade’s resource FAQs: Important Information about RMDs for more information.