If you are 70 1/2 years old or older, you can receive tax benefits and support SUU. This gift option is called an IRA charitable rollover or a qualified charitable distribution (QCD). Up to $100,000 per individual can be given to qualified organizations such as SUU without having to pay income taxes on the money.
Why make this type of gift?
- You pay zero income taxes on your gift. The transfer does not generate a taxable income & tax deduction. You benefit even if you do not itemize your deductions.
- This charitable rollover gift can satisfy all or part of your required minimum distribution for the year.
- You make a positive impact on T-bird Nation.
Frequently Asked Questions:
Can I make this gift now? Even if I’m not quite 70 ½?
No. You must be age 70 ½ by the date you make the gift.
When do I need to make my IRA Charitable Rollover?
In order for your donation to qualify this year, we must receive your gift by December 31st. If you write a check from your IRA account, please mail your check by December 20th. This will allow us to process your gift before the end of the year.
How much do I need to give from my IRA to be eligible for the tax benefits?
You can give any amount that is $100,000 or less this year. If your IRA is valued more than $100,000, you can transfer a portion of it to fund a charitable gift
Next Steps
- Contact us.
- Ask the advice of your financial or legal advisor.
- Request your IRA administrator to make a direct transfer to SUU. In order for this gift to be tax free, the donation must go directly from your IRA account to SUU without passing through your hands.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.
