IRA Qualified Charitable Contribution

As of January 1, 2020 the law regarding IRA required minimum distributions has changed. 

If you turned 70½ on or before December 31, 2019, you can continue to take advantage of a simple way to make an annual gift to Minnesota State University, Mankato while receiving tax benefits.

Individuals turning 70½ after December 31, 2019, will not be required to take a minimum distribution until age 72.

A Tax-Saving Way to Invest in Minnesota State Mankato 

If you are required to take a minimum distribution from your IRA and are in the fortunate position of not needing your distribution for living expenses, consider making a qualified charitable distribution (QCD) to the Minnesota State Mankato Foundation. Your investment in the educational opportunities at Minnesota State Mankato is a smart way to meet the minimum distribution requirements.

Benefits of an IRA Qualified Charitable Distribution (QCD)

IRA Qualified Charitable Distribution - Frequently Asked Questions

Traditional IRAs are eligible for QCDs, but there are requirements:

  • You must be 70½ or older (before December 31, 2019) to be eligible to make a QCD. If you turn 70½ on or after January 1, 2020, you will not be eligible to make a QDC until age 72.
  • QCDs are limited to the amount that would otherwise be taxed as ordinary income. 
  • The maximum annual amount that can qualify for a QCD is $100,000 (combined total to one or more charities in a calendar year). 
  • For a QCD to count towards your current year's RMD, the funds must come out of your IRA by your RMD deadline, generally December 31. (Please allow enough time before the deadline, for your IRA administrator and Minnesota State Mankato Foundation to complete the transaction.)

How to make a Qualified Charitable Gift to Minnesota State Mankato:

  1. Contact your IRA plan administrator to request direct transfer of funds from your IRA, payable to the Minnesota State Mankato Foundation. 
  2. Your IRA funds will be directly transferred to our organization. 
  3. Please contact Jodi Bruns if you wish to designate your gift for a specific purpose, department or program. or 507-389-6832

It is wise to consult with a tax professional if you are contemplating a qualified charitable gift. The information on this website is not intended as legal or tax advice. References to tax rates include federal taxes only. State law may further impact your individual results. Tax laws can change, and the above information may not reflect the most recent changes. Please consult with an attorney or a tax professional for the most up-to-date advice. The information contained on this page is not intended as tax advice and it is not a substitute for tax advice.

Contact Information

For additional information about making a gift through your IRA, please contact:

Jodi BrunsJodi Bruns
Senior Director of Advancement Services
126 Alumni & Foundation Center
Mankato, MN 56001
507-389-6832 or 800-662-2705