Please note: The package of stimulus measures passed into law in March 2020, the CARES Act, changed some of the rules regarding charitable planning, including the suspension of required minimum distributions (RMDs) from retirement accounts for 2020. For information about these changes, please see this post on Duke’s gift planning blog, Blueprints. We also urge you to discuss with your financial advisors how these changes may affect you.
IRA rollover gifts — often referred to as “qualified charitable distributions” or “QCDs” — can be an easy and effective way to make a gift to Duke. IRA owners age 70 ½ or older can make a direct, tax-free transfer of up to $100,000 a year from their individual retirement account to a public charity like Duke University. Donors can now consider using IRA rollover gifts to satisfy multi-year pledges to the Annual Fund, create or add to endowments, or support other charitable purposes at Duke.
Benefits of an IRA rollover gift:
- Reduce your taxable income.
- Donation counts toward your annual required minimum distribution if you are at least 72 years old.
- Make annual transfers of up to $100,000 each year.
- Fulfill multiple charitable purposes at Duke, such as pledge payments and more.
- Have an immediate charitable impact during your lifetime.
Please note: The amount of a charitable IRA rollover gift that counts toward your required minimum distributions may be reduced by additions you make to a retirement account after age 70 ½. To find out if this limitation applies to you, please contact your financial advisor.
To make a charitable IRA rollover gift to Duke, please contact the administrator of your IRA.
Another Retirement Account Strategy
Instead of transferring assets from your IRA during your lifetime, it may be a better fit to transfer IRA assets to Duke after you have passed away. This can be done by naming Duke University as a primary or contingent beneficiary of the IRA on a beneficiary designation form available from the IRA’s plan administrator. An IRA can also be left to fund a life income gift (charitable gift annuity or charitable remainder unitrust) for a loved one.