The charitable IRA rollover is a permanent provision in the tax code that allows individuals who are 70.5 years of age or older to make charitable gifts from their Individual Retirement Accounts (IRAs) directly to the University of Dallas.
If you are 70.5 years of age or older, you can take advantage of a simple way to benefit UD and receive tax benefits in return. You can give up to $100,000 from your IRA directly to qualified charities, such as UD, without having to pay income taxes on the money.
By making a gift this year of up to $100,000 from your IRA, you can see your donated dollars at work. You are shaping the legacy you would like to leave and watching your philanthropy in action. Additionally, you can fulfill any outstanding pledges you may have made by transferring the pledge amount from your IRA as long as it does not exceed $100,000 total for the year.
Transfers must be made by your IRA custodian from your IRA account directly to the University of Dallas. Funds you withdraw and then contribute will not qualify and will be taxable.
Yes. If you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.
No. Under the law, the maximum amount you can give from your IRA to qualified charitable organizations is $100,000. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount over $100,000 in one year must be reported as taxable income.