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​IRA Charitable Rollover

 If you are age 70½ or older, an IRA rollover gift (also called a Qualified Charitable Distribution or QCD)  may be one of the most tax advantageous ways for you to support York University without affecting your checking or savings account balance. Gifts made through an IRA (up to $100,000 per year) are not reportable as taxable income. They also qualify for your required minimum distribution (RMD) for those age 72 years and older.

Guidelines for the IRA Charitable Rollover (QCD) for direct transfers from a traditional or Roth IRA to a qualified public charity include:

• You must be 70½ or older to make a qualified charitable distribution.
• Owner may transfer no more than $100,000 each year.
• Transfer counts toward the required minimum distribution for those who are age 72 or older. 
• Recipient must be a public charity with 501(c)(3) status. It may not be a donor advised fund or supporting organization.
• Outright gifts only (no gifts for a life income arrangement).
• Transfer must be made directly from the IRA trustee to the charitable organization.

Details about a rollover gift

• Ask your IRA administrator to write a check from your IRA account to York University or another charity of your choice in the amount you wish to give. To qualify, it must be a direct rollover to the college or other 501(c)(3) charitable organization.
• Qualifying charitable IRA rollover gifts are not reportable as income so they create no tax for you.
• A charitable IRA rollover can count toward your required minimum distribution at age 72 and older.
• You will not receive a charitable gift receipt for a charitable IRA rollover and may not claim the gift as a deduction on your taxes.

Also, an IRA rollover gift may prevent you from...

• ​Being bumped into a higher federal or state income tax bracket.
• Hitting the phase-outs on your deductions and personal exemptions.
• Falling into the alternative minimum tax (AMT).

​If you have more questions about a charitable IRA rollover, please contact any of our advancement professionals: Jared Stark at 402-363-5635, Tim Bruner at 870-612-2644, or Brent Magner at 402-363-5636. Always seek the advice of your financial planner or accountant before making any decision on a rollover.

Background

​Initial legislation creating the charitable IRA rollover was part of the Pension Protection Act of 2006. The rollover provision was reinstated and extended four times following its initial introduction. In December 2015, President Obama signed the Protecting Americans from Tax Hikes Act of 2015 into law. Unlike past legislation, this law included no expiration date for the IRA charitable rollover. The permanency of the provision makes it an ongoing, powerful planning and giving tool.

In 2019, the SECURE Act increased the age for required minimum distributions to from 70½ to 72 years. Despite the change, qualified charitable distributions are still permissible at 70½ years of age. This change was effective January 1, 2020.