IRA Charitable Rollover
Reduce Your Taxes and Increase Your Impact
A special giving opportunity for those 70½ years of age or older, is an IRA Charitable Rollover. Any gift, up to $100K, from your IRA can be made to Notre Dame and you do not pay income tax on that money. This is a great way to reduce your annual income level and have an immediate impact at Our Lady's University.
An IRA Charitable Rollover allows you to:
- Make a gift directly from your IRA to Notre Dame;
- Satisfy part or all of your annual required minimum distribution (RMD) from your IRA beginning at the age of 73, and exclude part or all of that distribution from your Federal taxable gross income; and
- Impact today's Notre Dame students by renewing or increasing your annual gift through your IRA Charitable Rollover.
For Your Gift to Qualify:
- You must be 70½ years of age or older at the time of your gift.
- The transfer must be made from your IRA directly to Notre Dame.
- Your total annual IRA Charitable Rollover gift(s) cannot exceed $100,000 in the calendar year of the gift.
- Your gift must be made to Notre Dame by December 31 in the year you decide to make the gift. If the IRA funds have not cleared the account, then the 1099 may not reflect the correct calendar year for the QCD. In addition, if the transaction is not completed prior to December 31, the account owner may be subject to penalties if they have not satisfied the required minimum distribution.
- Your gift must be outright. Gifts from your IRA to donor-advised funds or life-income vehicles such as charitable gift annuities or charitable remainder trusts do not qualify as IRA Charitable Rollover gifts.
Making Your Gift is Easy
Before December 31 of this year:
- Contact your IRA custodian.
- Ask that your distribution be a charitable rollover to Notre Dame.
- To ensure that we can promptly and accurately credit your gift, ask them to include your name, address and how you would like the gift allocated in the transfer.
Distributions can be mailed to:
University of Notre Dame
Department of Development
1100 Grace Hall
Notre Dame, IN 46556
For distributions sent via wire transfer, please have your plan custodian contact us at 574-631-5150 for specific instructions.
SECURE Act 2.0
Beginning in 2023, the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 introduced a new opportunity allowing IRA holders age 70 ½ or older to make a one-time qualified charitable distribution (QCD) election up to $50,000 to fund a split-interest life income gift.
There are 3 restrictions to this opportunity: (1) IRA holders may not use the QCD election as an addition to an existing split-interest life income gift; (2) IRA holders may not use other assets or property in addition to the QCD election to create a new split-interest life income gift; and (3) IRA holders may not make any additions to split-interest life income gifts created through the QCD election.
The University of Notre Dame offers Notre Dame alumni, family, and friends the opportunity to utilize a QCD election to establish a Charitable Remainder Trust (CRT) at the University in two ways:
1. If the IRA holder has an existing CRT with the University of Notre Dame, then they are able to establish a second CRT utilizing a $50,000 QCD election.
2. If spouses, as holders of separate IRAs, both make $50,000 QCD elections from their respective IRAs in order to meet the $100,000 minimum gift threshold for CRTs at the University, then they are able to combine those amounts to establish a new $100,000 CRT.
IRA holders are able to utilize this QCD election only once during the IRA owner’s lifetime and this opportunity comes with special rules, so please contact the Office of Planned Giving to determine if this gift is right for you.
If you are interested in making Notre Dame a beneficiary of your IRA visit our page on retirement assets.
To learn more about making an IRA Charitable Rollover gift contact us today.