Qualified Charitable Distributions: Tax-Free Gifts from Retirement Accounts If you are age 70½ years or older, you are eligible to make a direct gift, known as a Qualified Charitable Distribution (QCD), to the University of Rochester tax-free. • You must transfer funds directly from your IRA • A gift “counts” toward your required minimum distribution (RMD) • Gifts are limited to $105,000 annually per person (a married couple with separate IRAs could give up to $210,000 a year) • Distributions can be made only from a traditional or Roth IRA • A transfer is tax-free and is not included in your adjusted gross income, and thus no charitable income tax deduction is allowed • Gifts must be outright—transfers to donor-advised funds, supporting organizations, or private foundations do not qualify IRA Funded Charitable Gift Annuity Qualified Charitable Distributions (QCDs) may now be used to fund a charitable gift annuity with certain limitations. • One-time, one tax year, and limited to $53,000, now indexed for inflation. • No charitable deduction because it is a 100% tax-free transfer • Income is ordinary income • Beneficiaries must be IRA owner or owner and spouse Learn more about this giving opportunity that became law January 1, 2023 by visiting rochester.giftplans.org
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