Remains as one of the permanent laws despite other charitable tax law changes. This is still a way for donors to support their favorite charities and have the gift (s) count against their required minimum distribution, and not have the amount included in their income. This way of giving is valuable for donors who do not itemize their tax deductions, as well as high-income earners who lost the full value of their itemized deductions.
Here is how you can make a Charitable IRA Rollover gift:
- You must be 70.5 years or older on the day you make your gift.
- The funds must be transferred directly from your IRA to the qualified charity, in this case, Maria College.
- The gift must be outright, since Life Income gifts do not qualify.
- The gift can satisfy an existing pledge or be created as a new gift.
- You can give multiple gifts to charities, such as Maria College, if the total amount does not exceed $105,000. If your spouse also chooses to donate, they can give up to $105,000 themselves if they have their own IRA.
- Another thing to know about Charitable IRA rollovers is that while transfers can be made directly from your IRA, donors may also be able to make qualified transfers from their pension or retirement plans such as a 401k or 403b to an existing or newly created IRA, and make their charitable gift from their IRA account under the above ways you can make an IRA gift
Interested in learning more about how to include Maria College in your estate planning? Please visit our McAuley Society webpage to learn more about our planned giving society and the many ways you can make a positive impact on generations of Maria students.
Want to Make an Impact Today, please make a secure donation online through our form.