IRA Qualified Charitable Distribution
How It Works
Qualified donors can use their Individual Retirement Account (IRA) to make an outright gift to Boston College and avoid income tax from the IRS on the distribution.
In order for the IRA transfer to qualify:
- Donor must be 70½ years of age or older when the gift is made
- Charitable distributions cannot exceed $100,000 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.
- 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 firstname.lastname@example.org to let BC know that you’re planning on making a qualified charitable contribution.
BC’s legal name, address and tax ID:
The Trustees of Boston College
140 Commonwealth Avenue
Chestnut Hill, MA 02467
Tax ID 04-2103545
AT A GLANCE
- Age 70.5+ with an IRA
- Roth IRA
- Traditional IRA
- 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?
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.