IRA Charitable Rollover
Here is a tax-smart way your giving can make an impact. The IRA charitable rollover is a great way to make a tax-free gift to SCA using your IRA. This gift can also satisfy your required minimum distribution (RMD).
1. Do I Qualify?
- You must be 70 ½ years old or older at the time of the gift
- Gifts must go directly from your IRA to SCA
- Gifts must come from an IRA account
- Gifts cannot exceed $100,000 per person, per year
2. Benefits of an IRA Charitable Rollover Gift
- Gifts can satisfy your RMD without increasing your income taxes
- You will not pay taxes on your IRA withdrawal when given to SCA
- You may direct your gift to an area or program of your choice
- It is a powerful way to help shape the future lives of students
3. How can I make a charitable IRA Rollover?
- In order to qualify for the benefits of a charitable IRA rollover, the gift must come directly from your IRA administrator to SCA. (If you withdraw money from your IRA and then make a gift of the proceeds, you will not be entitled to the special benefits of a charitable IRA rollover.)
- Donors contemplating such a gift will often send us a letter in advance. We appreciate knowing these gifts are coming because it can be difficult to match the check from the administrator to you. We want to be able to properly thank you and acknowledge your generosity.
The Office of Gift Planning can provide you with a letter to send to your IRA administrator to make an IRA charitable rollover. Feel free to contact us using the fields below.
Please fill in your email and/or phone number if you would like to speak to someone to learn more about this tax smart giving option.