The charitable IRA rollover, also called a qualified charitable distribution (QCD), offers an option to make a qualifying charitable gift from the IRA that is excluded from taxable income and counted toward required minimum distributions (RMDs).
Qualifying gifts
To qualify, gifts must be transferred directly from the IRA provider to The University of Alabama and meet certain other requirements. Secure Act 2.0, signed into law on December 29, 2022, contains provisions and expansions for QCDs:
- As of January 1, 2023, the required minimum distribution age increased to 73. It will increase again on January 1, 2033, to 75.
- The annual QCD limit is $105,000 in 2024. It will increase to $110,000 in 2025.
- Section 307 includes the ability for donors to elect to make a one-time QCD of up to $50,000 to fund a Charitable Remainder Trust (CRT) or Charitable Gift Annuity (CGA).
We encourage you to consult with your financial advisors about the best ways to take advantage of this opportunity as you consider gifts to the University and other charitable interests that are important to you.
Ways to make your gift
- It is simple to make a transfer. Contact your account administrator to request a check be delivered to the address below. Envelopes must be postmarked no later than December 31, 2024 for the QCD to apply to 2024.
- If you have IRA check writing abilities, your check must be deposited before December 31, 2024. Please ensure our office receives your check no later than December 20, 2024:
The University of Alabama
Attn: Office of Planned Giving
Box 870123
Tuscaloosa, AL35487
Tax Identification # 63-6001138
For more information, contact the Office of Planned Giving at (205) 348-0999 or toll free at (888) 875-4438.