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IRA Charitable Rollover

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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


Here is a tax-smart way to make an impact to Saint Elizabeth University using your traditional or Roth IRA. The IRA charitable rollover (also called the Qualified Charitable Distribution, or QCD) is a great way to make a tax-free gift to Saint Elizabeth University and satisfy your Required Minimum Distribution (RMD). If you are not required to take an RMD but no longer itemize your deductions, then a QCD may be right for you as well.

How Do I Qualify?

The IRA charitable rollover (QCD) offers multiple benefits for making gifts from your traditional or Roth IRA.

  • You must be 70 ½ years or older at the time of the gift.
  • Gifts must go directly from your IRA to Saint Elizabeth University.
  • Gifts must come from a traditional IRA or Roth IRA account.
  • Gifts cannot exceed $100,000 per donor per year.

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 may direct your gift to a program or area of your choice. 
  • It is a wonderful way to create an immediate impact on Saint Elizabeth University.

How can I make an IRA Charitable Rollover?

Contact your IRA administrator for their QCD distribution form and information on the procedure to make such a gift.

Saint Elizabeth University can provide you with a letter to send to your IRA administrator to make an IRA charitable rollover. If you are interested in making such a gift or would like more information, please call 973-290-4711 or email TValentino@steu.edu.

 

Who We Are

Founded in 1899 by the Sisters of Charity of Saint Elizabeth, the Saint Elizabeth University has a strong tradition of concern for the poor, for developing leadership in a spirit of service and social responsibility, and a commitment to the promotion of women as full partners in society.

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2 Convent Road
Morristown, NJ 07960-6989
973-290-4000

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