IRA Charitable Rollover

NEW LAW: No Required Minimum Distributions in 2020!

As a part of the CARES Act, Congress has temporarily eliminated most required minimum distributions (“RMD”) from retirement plans during 2020. Check with your financial advisor to see how this might affect you. Even without an RMD, a QCD remains a great way to make tax advantageous contributions. Learn more about the CARES Act


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:

Rebecca Harrison ’01
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:

Rebecca Harrison ’01
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.