IRA CHARITABLE ROLLOVER GIFTS
The IRA Charitable Rollover provides you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate.
And, an IRA charitable distribution is a terrific way to make a gift to Trinity-Pawling School. If you are 70½ years or older, any amount up to $100,000 can be distributed tax-free from your Individual Retirement Account (IRA). If you make your gift by or before December 31, the amount of your gift can count toward your required minimum distribution (RMD) this year.
HOW IT WORKS
You may distribute any amount up to $100,000 in a calendar year to Trinity-Pawling.
Your IRA administrator must make the distribution directly to the Trinity-Pawling, or you may write a check payable to Trinity-Pawling from your IRA checkbook. For a sample letter of instruction to your IRA administrator requesting a distribution to Trinity-Pawling click here.
Please note: Certain restrictions apply and requirements* must be followed when making this type of gift. If you have questions, please contacy Colleen Dealy by phone 845-855-4831 or email email@example.com Before proceeding, you should also consult with your tax advisor to discuss your particular situation including any impact of your state’s tax laws.
* Transfers must be made directly from a traditional IRA account to Trinity-Pawling School. Funds that are withdrawn by you and then contributed will not qualify.
- Gifts can satisfy your RMD without increasing your income taxes.
- You won’t pay taxes on your IRA withdrawal when gifted to Trinity-Pawling.
- IRA Charitable Rollover Gifts count toward your minimum distribution for gifts up to $100,000.
- If you make a gift to Trinity-Pawling from your IRA you may direct it towards the area of the School that means the most to you.
- You do not need the additional income necessitated by your minimum required distribution, - or -
- Your charitable gifts already equal 50% of your adjusted gross income, so you do not benefit from an income tax charitable deduction for additional gifts, - or -
- You do not itemize deductions, - or -
- You are subject to income phase-outs on your income tax deductions.