Charitable IRA Rollover is back…For Good!
On December 18, 2015 the Protecting Americans from Tax Hikes (PATH) Act was signed into law making permanent what is popularly known as the Charitable IRA Rollover. This law enables you and other charitable taxpayers to support 501(c)(3) organizations through direct IRA transfers. Simply follow the guidelines and gift instructions detailed below.
Requirements and Restrictions for IRA Rollover Gifts
- You must be age 70 ½ or older on or before the date the IRA rollover is made.
- The Charitable IRA Rollover gift must be sent directly from your IRA custodian.
- The amount donated annually from one or more IRA cannot exceed $100,000 per taxpayer.
- Gifts must be made to a qualified charity, such as Saint Mary-of-the-Woods College. They may not support a donor-advised fund.
- IRA gifts may be used to satisfy outstanding pledges to SMWC.
- IRA gifts may not be used to fund or add to split-interest gifts, such as gift annuities or charitable remainder trusts.
- Gifts from a traditional IRA qualify, but gifts from a 401(k), 403(b), SEP, and other retirement plans do not qualify.
- State tax benefits vary with such gifts.
- A Charitable IRA Rollover gift may also be referred to as a Qualified Charitable Distribution (QCD).
How to Make a Charitable IRA Rollover Gift
Instruct your IRA custodian to make a Charitable IRA Rollover gift to SMWC and make the check payable to "Saint Mary-of-the-Woods College.” SMWC Tax ID number: 35-1065063.
Have your IRA custodian send your gift to:
Saint Mary-of-the-Woods College
Office of Advancement
PO Box 70
Saint Mary-of-the-Woods, IN 47876
IMPORTANT: When you speak with your IRA custodian, please ensure they include information on the check that identifies you as the donor.