IRA Charitable Rollover
If you are 70 1/2 years or older, you can make an annual tax-free distribution of up to $100,000 directly from your IRA to Elmira College. It counts against your Required Minimum Distribution (RMD) but not as taxable income. The gift must be completed by December 31 each year.
There's Still Time
Under the reinstated law, you may move up to $100,000 from your IRA directly to a qualified charity such as Elmira College without having to pay income taxes on the money.
How It Works
- If you are 70½ or older, you can give up to $100,000 directly from your IRA to charities such as Elmira College.
- The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.
- If you have not taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
- The transfer may be made in addition to any other charitable giving you have planned.
- If you made a gift to a qualified charity of up to $100,000 directly from your IRA in 2016, your gift will qualify.
- The gift needs to be made by Dec. 31, 2016, if you want your gift to qualify this year.
Your Gift Benefits
- Student Scholarships
- Academic Programs
- Faculty Development
- Student Internships and Career Opportunities
- Athletics Program Enhancement
- Science Laboratory
- Support for Performing Arts
- Library materials and subscriptions
- Lower Tax Burden for you
To facilitate your gift today please feel free to use the provided documents below:
IRA Request from Donor - Word Document
IRA Request from Donor - PDF
If you have already made a qualifying gift in 2016, contact your advisor to make sure your gift is properly reported on your 2016 income tax returns. If you are interested in this opportunity to help further Elmira College’s mission, or if you have any questions, please contact me right away. I would be happy to help—at no obligation.
For Further Information, contact:
Peggy Harris Arnesen ’63
Director of Major and Planned Gifts
One Park Place
Elmira, NY 14901