Tax-Free IRA Rollover
Tax-Free IRA Charitable Rollover Gift Extended for 2015 and Beyond
Thanks to the Protecting Americans from Tax Hikes Act of 2015 the tax-free IRA rollover provision that allows individuals age 70½ and older to make qualified charitable distributions (QCD) of up to $100,000 per year from their IRA accounts to charity has been extended permanently.
Following are the provision details:
- You must be 70½ or older when you make a gift and the gift must be made from a traditional or Roth IRA—no other retirement plans qualify (such as 401(k), 403(b), SIMPLE or SEP accounts).
- You choose how much you want to contribute up to $100,000 in each year. This limit is per taxpayer. Thus, a husband and wife can each give up to $100,000 from separate IRA accounts.
- Distributions must be made directly to Gonzaga University and must be completed by December 31.
- The IRA charitable distribution is not included in your taxable income and consequently there is no charitable deduction available. Transfers also count toward your required minimum distribution.
- The IRA charitable distribution may be used to fulfill a pledge.
- The IRA charitable distribution cannot be used to fund a charitable remainder trust or charitable gift annuity and cannot be made to a private foundation, donor advised fund or supporting organization.
- Gonzaga may not provide any goods or services in return for the contribution.
If you are planning to make a qualified charitable distribution to Gonzaga from your IRA, please let us know in advance so we can ensure your gift is designated and receipted properly.
TAX-FREE IRA CHARITABLE ROLLOVER INSTRUCTIONS:
- Contact your IRA administrator and request they make a qualified charitable distribution from your IRA directly to Gonzaga University. The distribution must be made before December 31 in order to qualify for the tax year.
- Request your IRA administrator issue the check payable to the Corporation of Gonzaga University (Tax ID# 91-0236600) and mail it directly to:
University Advancement-Gift Accounting
502 E Boone Avenue
Spokane, WA 99258-0098
In addition, request they include your name with the transmittal as the donor of record in connection with the transfer.
- Call or email the Office of Planned Giving at 800/388-0881 or email@example.com to let us know where you would like to direct your IRA charitable rollover gift.
Please check with your financial advisor to determine if making an IRA charitable rollover distribution (QCD) is appropriate for you.