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Maximize Your IRA Required Minimum Distribution

Are you 70 ½ or older? If so, the IRS requires that you withdraw a certain amount from your IRA each year. This is called your Required Minimum Distribution, or RMD. The income you receive from your RMD is taxable and may even force you into a higher tax bracket.

Fortunately, you are able to make a gift directly from your IRA to charity – including the Canton College Foundation.

Don’t need the extra income? Are you planning on making a gift to SUNY Canton anyway? What’s the benefit? You could reduce your income taxes while using your RMD to make a gift to SUNY Canton.

Dan Fay teaches a class.

The IRA Charitable Rollover

Congress has permanently passed the IRA Charitable Rollover into law. This allows taxpayers over the age of 70 ½ to directly transfer funds from their IRA to the charity of their choice. This transfer can satisfy the IRS’s RMD requirement. You can make your gift anytime throughout the year.

Important Facts

  • Make a tax-free gift of any amount, up to $100,000 to the Canton College Foundation.
  • Use your RMD for charities you care about, not for taxes.
  • Reduce your taxable income, avoid potentially filing in a higher tax bracket.
  • Make a major gift without impacting your cash flow.
  • Make your gift at any time during the year.

The Tax Law is Very Specific on IRA Charitable Rollovers

Please note that in order for your gift to qualify for the benefits of the IRA Charitable Rollover, your IRA administrator must transfer the gift directly from your IRA to the Canton College Foundation. If you  personally receive a distribution from your IRA, you become liable for taxes on that distribution, even if you proceed to make a gift to the Canton College Foundation with that distribution.

Ready to Make Your IRA Charitable Rollover Gift?

Click here to download a sample letter that you can send to your IRA Administrator.

Please be sure to let us know you are making your gift, that way we can let you know it has been received.

Questions?

If you have any questions about making your IRA Charitable Rollover Gift to the Canton College Foundation, please contact Geoffrey C.S. VanderWoude, Director of Planned Giving.

Geoffrey C.S. VanderWoude
Director of Planned Giving
French Hall 233
34 Cornell Drive
Canton, NY 13617
315.386.7844
vanderwoudeg@canton.edu