Office of Gift Planning — Wills, Trusts, & Estates

Philanthropic Goals, meet QCD

When you want to make a charitable gift, a Qualified Charitable Distribution (QCD) from your IRA is a tax-wise and easy asset to give.

When you reach age 70½, you are required to take an annual minimum distribution—whether you need the income or not. And a distribution from your traditional IRA is taxable income to you—unless you make it a gift to a qualified charity.

A Qualified Charitable Distribution to the University of Virginia from your traditional IRA is tax free to UVA, and it will count toward your annual required minimum distribution without being included in your taxable income.

Follow the rules

  • You must be at least age 70½ at the time you make your gift.
  • You must request your plan administrator to transfer the funds directly to UVA.
  • The QCD limit is $100,000 per person per calendar year.
  • The funds are due by December 31 to reap the tax benefits for the year in which you make the gift.

 

Support your passion!

  • Make an unrestricted gift, to be used for UVA’s greatest need, or
  • Designate your gift for a specific purpose. You may choose two or more beneficiaries by assigning a percentage of your total gift to each.

 

Thank you for your generosity!

Your gift will support the University’s endless pursuit of knowledge and discovery to serve the common good.

QCD Donor Toolkit

The QCD Toolkit includes two sample letters you can download.

Letter 1 directs your IRA plan administrator to make a distribution directly to the University from your IRA account. Please note that the Tax ID number is essential to your distribution request.

Letter 2 notifies the University to expect the gift from your IRA. In it, you also specify how you want your gift to be used.

For a more complete description of the IRS regulations, please see below the most recent version of Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs).

Download sample letter to IRA Plan Administrator
Download sample letter to notify UVA
 sample-letter-to-plan-administrator  notify-uva

 


IRS Publication 590-B
Discusses distributions from individual retirement arrangements (IRAs)

p590b-irs

UVA Federal Tax ID Numbers

Contact the Office of Gift Planning for assistance and clarification.