Invest in UD
If you are at least 70½ years old, you are eligible to make a Qualified Charitable Distribution (QCD) from a traditional or Roth IRA. Distributions to the University of Dallas will be excluded from federal income.
For a distribution to the University, please designate to University of Dallas, tax ID # 75-0926755
You may further designate your gift for either unrestricted or restricted use by the recipient. If you wish to restrict your QCD to support a particular program or priority, we recommend you contact us first to review your intended provisions so we can be certain we can carry out your wishes.
How do I make a qualified charitable distribution in the current calendar year?
- You must be at least 70½ years old on the date of the distribution to charity.
- Distributions must be made from an IRA, including inactive SEP and SIMPLE plans. Distributions
from any other type of retirement plan (401(k), 403(b), 457, Keogh, and active SEP
and SIMPLE plans) will not qualify.
QCD distributions are limited to $100,000 in total during each year. - A distribution must be made outright to a qualified public charity—it cannot be used to fund a charitable remainder trust, gift annuity, donor advised fund, or family foundation.
- Your plan administrator must transfer the funds directly—you may not receive the distribution first and then transfer it to the charity.
- The distribution must be received by the charity on or before December 31, on the current calendar year, to be counted in the current tax year.
- Each distribution will be excluded from federal taxable income.
- Because the QCD distribution is not taxable income, you cannot claim a deduction for federal tax purposes. Some states may treat distributions as income followed by a deduction. Please check with your tax advisor to learn more.
- Note that QCDs typically count toward your required minimum distribution (RMD) if you are required to take one, but the federal CARES Act has eliminated RMDs in most cases for the current calendar tax year. Using a QCD to make charitable gifts will reduce the value of your IRA and taxable RMDs in future years.
- For more information on how to (1) direct your IRA plan administrator to make a distribution from your IRA account to the University and (2) notify the University to expect the QCD from your IRA and specify how you want your gift to be used, email kmunozvetter@udallas.edu.
- For a more complete description of the IRS regulations, please see the most recent
version of Publication 590-B, Distributions from Individual Retirement Arrangements
(IRAs) at https://www.irs.gov/publications.