Jump to Footer

IRA Charitable Rollover

On December 18, 2015 Congress passed and President Obama signed into law legislation that made the IRA Charitable Rollover provision permanent for future years. If you are 70 ½ or older this allows you to make a tax-free gift to the University from your IRA.

How It Works

If you are 70½ or older, you can give up to $100,000 directly from your IRA to qualified charities such as Western New England University. Contact your advisor, retirement plan administrator, or plan fiduciary company to initiate a transfer.

  • The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.
  • If you have not taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy as all or part of that requirement.
  • The transfer may be made in addition to any other charitable giving you have planned.

It is important to not withdraw funds prior to a gift, but have the gift amount distributed directly from an IRA account to one or more qualified charities, such as Western New England University.

The information and examples provided here are intended to offer ideas about possible planned giving strategies.  However, your circumstances are unique.  For planning and writing your will or trust documents, the services of an attorney who is experienced in estate planning is highly recommended. For all matters concerning gift estate planning, please consult with your estate and tax advisors.