See Your Generosity in Action
If you are 70 ½ or older, you can gift up to $100,000 per year from your IRA directly to The University of Akron Foundation without having to pay income tax on that money. If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
Why Consider This Gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making.
- You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
What are the rules?
- Donor is age 70 ½ or older on the day of the gift.
- The gift must be made directly from the IRA to The University of Akron Foundation.
- Gifts to all charities combined cannot exceed $100,000 per tax payer for the year.
- Donor does not receive any goods or services in return for the rollover gift in order to qualify for tax-free treatment.
- The gift can only be made from an IRA. Gifts from 401(k), 403(b), and 457 plans are not permitted.
How do I make a gift via IRA Rollover?
Send this form to your IRA plan administrator, instructing them to transfer funds directly to The University of Akron Foundation.
It is wise to consult with your tax professionals if you are contemplating a charitable gift under the extended law. Please feel free to contact Lia Jones, Esq., Director, Center for Gift and Estate Planning at 330-972-2819 or LiaJones@uakron.edu with any questions you may have.