IRA Qualified Charitable Distributions

With an IRA qualified charitable distribution (QCD), also known as an IRA charitable rollover, individuals may make direct charitable distributions of up to $105,000* from their traditional, rollover, or Roth IRAs without including such distributions in their gross income, if they meet the following requirements: 

  • A donor must be at least 70 1/2 years of age at the time of the transfer 
  • The funds must pass directly from the donor’s IRA custodian to MIT 

This provision applies to: 

  • IRAs, Roth IRAs, inactive SEPs, and inactive SIMPLE IRAs**

**active SEP, active SIMPLE IRAs, 403(b)s, 401(k)s, and pension plans are not eligible

The gift may satisfy a donor’s IRA required minimum distribution for the year. Since the amount of the direct charitable distribution can be excluded from the donor’s gross income, there is no federal income tax deduction available for such gifts. 

*This amount will be indexed yearly for inflation starting in 2024. 

 

Funding life income funds with an IRA QCD

The SECURE Act 2.0 makes it possible to fund charitable gift annuities and charitable remainder trusts with an IRA. Funding a life income gift using a qualified charitable distribution from an IRA is a unique opportunity to support MIT without compromising retirement income needs. Learn more about the SECURE Act and how to take advantage of this unique opportunity below:

IRA owners aged 70 ½ and older may elect to make qualified charitable distributions (QCDs) totaling up to $53,000* in a single year to fund one or more CGAs. A donor may make multiple split-interest QCDs in a given tax year, subject to the $53,000 cap. However, a donor may take advantage of this provision in only one tax year during the donor’s lifetime.  A split-interest QCD must also satisfy certain requirements.  

The law also allows donors to establish a CRT with their QCD, but due to the MIT CRT gift minimum of $100,000, a donor and their spouse must each fund the CRT with a one-time gift of at least $50,000 from their respective IRAs in order to meet the minimum. 

Contact the Office of Gift Planning to learn more about how you can receive a stream of income for life with a gift from your IRA.

*Updated as of January 2024

Charitable Gift Annuity Disclaimers


THIS IS NOT LEGAL ADVICE. ANY PROSPECTIVE DONOR SHOULD SEEK THE ADVICE OF A QUALIFIED ESTATE AND/OR TAX PROFESSIONAL TO DETERMINE THE CONSEQUENCES OF THEIR GIFT.

For California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. 

For Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. 

For South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

INSTRUCTIONS FOR HOW TO MAKE A GIFT WITH AN IRA QUALIFIED CHARITABLE DISTRIBUTION

Please note that these instructions are for outright IRA QCDs gifts ONLY. If you would like instructions on how to fund a Charitable Gift Annuity or Charitable Remainder Trust with an IRA QCD, please contact the Office of Gift Planning. 

ACCOUNT INFORMATION:
Name of bank to wire funds: Bank of America, NA
 
Bank address:
Bank of America, NA
100 Federal Street
Boston, MA 02110
 
Wire Payment ABA Routing Number: 026 009 593
ACH Routing Number: 011 000 138
SWIFT Code: BOFAUS3N
DDA Account Number: 004622832542 (MIT RSO Gift Receipts)
International Bank Account Number: N/A
​
Wire Details: Please include name and account number (if available) of the MIT fund or program you wish to support.  
Please note: it is important to determine and use the correct routing number, based on the specifics of your transfer (for example, ACH versus ABA). The money will not be received by our bank if the incorrect routing number is used. Please consult with your banking agent to ensure the proper information and process.
 

Gifts by check should be made payable to MIT and mailed, along with your contribution form or a note telling us where to direct your gift, to:
 
Massachusetts Institute of Technology
P. O. Box 412926
Boston, MA 02241-2926

*If not indicated on the check, please note on the envelope that it is an IRA distribution

To send your gift via FedEx, UPS, or DHL: please email recsec@mit.edu for address information.
Please include the name and number of the fund you wish to support.
 

 

MIT is a qualifying 501(c)(3) institution (EIN 04-2103594).

For questions about how to make a gift from your IRA, contact: 

MIT Office of Gift Planning
617-253-4082
giftplanning@mit.edu