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Upon reaching age 70 ½, individuals generally must take minimum required distributions from their individual retirement account (IRA). The IRA Charitable Rollover is a simple method of charitable giving that allows benefactors to direct gifts of up to $100,000 from their IRA directly to a qualified charity, like Edgewood College.

 

 What are the benefits?

  • Support a qualified charity without increasing taxable income
  • Satisfy the required minimum distribution (RMD) requirements of an IRA, up to $100,000
  • Gifts go to work right away

Who qualifies?

  • Those 70 ½ years of age or older with an IRA
  • No income threshold or cutoff

Are there limitations on gifting from IRAs?

  • Gifts must go directly from the IRA to the charity (benefactors can’t take a distribution and then write a check).
  • To receive 2017 tax benefits, rollover must be made by December 31, 2017. Future distributions will be tax deductible for the year in which they occur.
  • To prevent double benefit, no corresponding charitable income tax deduction is allowed.

Which charities qualify and which don’t?

  • A public charity like Edgewood College does qualify
  • Donor Advised Funds and Private Foundations do NOT qualify

Contact Us

Contact Gary Klein, Vice President for Institutional Advancement, for more information.

garyklein@edgewood.edu

608-663-6713