Make a Tax-Free Distribution from Your Individual Retirement Account
The Charitable IRA Rollover allows individuals age 70½ and older to make direct transfers of up to $100,000 per year from individual retirement accounts to qualified charities without having to count the transfers as income for federal tax purposes. Since no tax is incurred on the withdrawal, gifts do not qualify for a charitable deduction but may be counted toward an individual’s minimum required distribution.
Provisions of the Charitable IRA Rollover:
- Distributions must be made directly to a qualified charity by the plan administrator of an IRA. Retirement assets in 401(k), 403(b), SEP, or SIMPLE plans do not qualify, but may be rolled into a new or existing IRA and transferred to the charity.
- Distributions may only be made to 501(c)(3) tax exempt organizations and cannot be made to donor advised funds, private foundations, or supporting organizations.
- Distributions may not be used to fund life-income gifts such as charitable gift annuities, charitable remainder trusts, or pooled income funds.
Download a Sample Request form to send to your IRA administrator.
MSU appreciates your IRA transfer gift and wants to ensure proper handling and acknowledgement. Please notify Rhonda McClung (email), Assistant Vice President of Gift Planning, by email or phone at 940-397-4728.
As with any decision involving your assets, we encourage you to seek the advice of your financial or legal advisor when considering a gift to Midwestern State University. We would like to assist you and your advisor in identifying the best vehicle to meet your philanthropic and financial goals, please contact Rhonda McClung by email or phone at 940-397-4728.