Keep it simple with significant impact!
- Make a powerful impact today
- Support IU Columbus (IUPUC)
- Save on taxes
All of these can be accomplished through your IRA.
A Special Opportunity for Those 70½ Years Older
If you have a traditional IRA and are 70½ years of age or older, you can make an immediate impact at IU Columbus through an IRA charitable rollover gift. This may even provide a tax benefit that lowers your adjusted gross income. With recent changes to the traditional IRA tax laws, owners of these accounts can make qualified charitable distributions (QCDs) of up $100,000 in the calendar year. And your spouse may be able to do the same from his or her own IRA.
An IRA Qualified Charitable Distribution allows you to:
- Avoid taxes on the amount donated from your IRA.
- Satisfy all or part of your required minimum distribution (RMD) for the year.
- Reduce your taxable income, even if you do not itemize deductions.
- Help support student success at IU Columbus.
For your gift to qualify:
- You must be 70½ years of age or older at the time of your gift.
- The transfer must be made directly from your IRA custodian to Indiana University Foundation.
- Your total annual IRA Charitable Rollover gift(s) cannot exceed $100,000 in the calendar year of the gift. (Maximum amount is subject to change annually.)
- Your gift must be completed by December 31 in the year you want the tax benefit.
- Your gift must be outright to IU Foundation. It cannot go to a donor-advised fund.
- You may make a one-time per-life QCD of up to $50,000 to a CGA or CRT.
And, at any age, you can designate IU Columbus as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple, contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website.
We want to help
While the IU Columbus Office of Development does not have tax expertise, we recommend you reach out to your tax advisor to determine how this will best apply to your situation.
We are here to help you make a simple gift with significant impact on our campus and in your community. We would love to talk to you about how to set up a rollover gift from your retirement assets, discuss other planned giving opportunities, and answer any questions. Please contact bvogel9@iu.edu or call 812.348.7387.
