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IRA Rollover

2015 on top of 2014.

Important Update to IRA Charitable Rollovers

Congress has just reinstated a law that allows you to make a tax-free gift to us from your IRA. If you have already made this type of gift in 2014, you’re in luck! But if you’ve been waiting to make your IRA transfer, you must act right now to take advantage of this opportunity.

Under the recently reinstated law, you may move up to $100,000 from your IRA directly to a qualified charity such as McDaniel College without having to pay income taxes on the money. Known as the IRA charitable rollover, this law has been extended only to the end of 2014.

How It Works

  • If you are 70½ or older, you can give up to $100,000 directly from your IRA to charities such as McDaniel College.
  • 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 all or part of that requirement.
  • The transfer may be made in addition to any other charitable giving you have planned.
  • If you made a gift of up to $100,000 from your IRA in 2014, your gift will qualify under the new law.

If you have already made a qualifying gift in 2014, contact your advisor to make sure your gift is properly reported on your 2014 income tax returns. If you are interested in this unique opportunity to help further McDaniel’s mission, or if you have any questions, please contact Robert F. Conrad, Jr., JD, Executive Director of Major and Planned Giving at (410) 857-2787 or rconrad@mcdaniel.edu.