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Planned Giving

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.

The Details

  • 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

Questions

For questions or more information, please contact Matthew Brosco, Esq. at 269-337-7288 or mbrosco@kzoo.edu.

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.

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