IRA Charitable Rollover
If you’re at least 70½ years old, you can make a qualified charitable distribution from your IRA to Mass General and, for federal tax purposes, exclude those funds from your gross income. Simply instruct your IRA administrator to directly transfer a gift of up to $100,000. It will count toward your required minimum distribution this year and help make great medicine possible at Mass General.
Here’s a summary of the requirements:
- You must be 70½ years old or older at the time of the gift.
- Your gift must go directly from your IRA to Mass General.
- You must complete a QCD (contact your IRA administrator for the necessary forms and procedures).
- A gift cannot exceed $100,000 per taxpayer.
- Gifts must be made by December 31 to take advantage this tax year.
Here’s how to make a gift with your IRA:
- Inform the institution holding your IRA that you want to make a QCD from your IRA to Mass General.
- Complete the necessary paperwork to request the QCD.
- Notify Mass General and let us know how you want your gift to be used.