3 easy steps to make a tax-free IRA gift to Duke
Discover how to maximize the impact of your IRA required minimum distribution
This Blueprints blog post was originally posted on September 18, 2019. The IRS has since implemented new rules regarding retirement plans and IRA required minimum distributions. The following blog post has been updated in March 2021 to reflect these new requirements.
Here’s a scenario: You’re enjoying retirement, and life is good. You’re taking your annual required minimum distribution (RMD) from your traditional individual retirement account (IRA), but that money isn’t critical to your lifestyle. It would be great to have another option instead of paying taxes on that withdrawal.
That’s where Duke comes in. A qualified charitable distribution — sometimes called a charitable IRA rollover — is a simple, tax-free way to immediately support the Duke students and programs you care about. Before the end of the calendar year, transfer up to $100,000 from your traditional IRA to Duke and pay no taxes on that gift. The transfer may count against your required minimum distribution which, for most taxpayers, is required to begin at age 72.
With a qualified charitable distribution, you can fulfill multi-year pledges to the Annual Fund, make a gift to Duke Reunions, or create or add to an existing endowment.
3 easy steps to make your qualified charitable distribution gift:
- Be an IRA owner 70 ½ years or older.
- Contact your account administrator (the bank that holds your IRA, for example) to request a qualified charitable distribution from an IRA to Duke University.
- Contact Duke’s Office of Gift Planning today at firstname.lastname@example.org or (919) 681-8030 to inform us of your gift. Our charitable planning experts are available to work with you and your financial advisors.
Then sit back and enjoy your tax savings and the feeling of helping the university you love.
Ready to learn more? Download the Charitable IRA Rollover one-pager to find out how your required minimum distribution can make an impact at Duke University.
This information is provided with the understanding that neither Duke University nor the authors are providing legal, accounting, or other professional advice or counsel. Please consult your personal counsel about the financial, tax and legal implications of any gift.