RIT Alumni Association
RIT Alumni Association

IRA Charitable Rollover—A Win-Win.

Welcome! An IRA Charitable Rollover—A Win-Win for YOU and RIT.

Are you 70½ or older and frustrated by annual IRA Required Minimum Distribution (RMD) rules? We can help. The IRS rules dictate the following:

  • you must withdraw a portion of your IRA each year based upon your age;
  • you must pay income tax on the portion you withdraw; and
  • you will face stiff penalties if you fail to withdraw your RMD.

We have good news: you can roll over part or all of your RMD to your favorite charities – including RIT – to help reduce your tax bill. A direct IRA transfer is an immediate investment in an organization that is important to you. Pay less taxes – support more people and programs.

Earlier this year, Congress enacted a permanent extension of the IRA Charitable Rollover that allows individuals age 70½ or older to make gifts to their favorite charities directly from IRA assets. This is a win-win. With the end of the calendar year fast approaching, now is a good time to consider this tax-wise strategy.

Since the provision was first made available in 2006, many RIT donors have used this popular option to support students, faculty, programs, and special projects of their choice. It’s easy…simply contact your plan administrator at your convenience to make a direct transfer to RIT.

Benefits of the IRA Charitable Rollover:

  • Avoid taxes on transfers of up to $100,000
  • Satisfy your required minimum distribution (RMD) for the year
  • Reduce your taxable income, even if you do not itemize deductions
  • Make a gift that is not subject to the 50% deduction limits on charitable gifts
  • Help further the work and mission of your favorite charities, including RIT

If you are married and your spouse also has an IRA, you can further increase your benefit – both of you can give up to $100,000 per year. And if you file taxes jointly, a double gift can go a long way toward reducing your tax burden.

If you would prefer to be contacted directly, please complete the following form:

What if I have a 401(k) or other retirement account?
The IRA Charitable Rollover applies only to IRAs. If you have a 401(k) or other retirement account that requires minimum distributions, you cannot make a Charitable Rollover gift. However, if you find this idea appealing, you likely can roll over funds from your 401(k) or other accounts into an IRA. Then a tax-free IRA Rollover gift is possible.
To see an example, click here».

For additional information, please download this informational flyer.

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It is more than a donation. It is your legacy.

Disclaimer: The information included on this website is not intended to be legal or tax advice and may not be relied upon for tax decisions you wish to make. Always contact your tax or legal advisor to see if the ideas discussed in this article are appropriate for you.