70½? Use Your IRA Rollover to Make a Tax-free Gift
If you are required to take a minimum distribution from your IRA, and are at least 70½ , you can make yearly tax-free gifts to Kalamazoo College. To do so simply contact your IRA account administrator to request a charitable rollover from your IRA be sent to Kalamazoo College.
- Must be 70½ before transferring funds
- To qualify as tax-free, your gift must be directly transferred from your IRA account to the College
- The transfer may qualify—in part or in whole—for your yearly-required minimum distribution
- Gift must be made by December 31 to qualify for that tax year
- Maximum amount per year eligible for tax-free transfer from IRA is $100,000
- If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his or her IRA
- The transfer generates neither taxable income nor a tax deduction, so you will receive the benefit even if you do not itemize your tax deductions
For questions or more information, please contact Matthew Brosco, Esq. at 269-337-7288 or firstname.lastname@example.org.
Gifts to Kalamazoo College are tax deductible to the extent provided by law. No goods or services will be provided to you in exchange for this contribution.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.