Gifts of IRA Assets Made During Life
The Charitable IRA Rollover, originally enacted in 2006 and now made permanent by Congress, makes it easier for you to use IRA assets, during lifetime, to make charitable gifts. This special provision allows certain donors to exclude from taxable income—and count toward their required minimum distribution—transfers of IRA assets made directly to public charities, like Emerson College. (Without this legislation, withdrawals from IRAs are taxed as income, even if the distributions are then distributed to charity. Certain tax rules can prevent the charitable deduction from fully offsetting the taxable income.)
The Charitable IRA Rollover requires the following:
- Your distribution must be made directly from your IRA account to a qualified charitable organization (like Emerson College) and received by Emerson by December 31.
- You must be age 70 ½ or older.
- Your distribution may not exceed $100,000 and must be from a traditional IRA or Roth IRA.
Your gift may be used for general or specific purposes you designate.
Emerson College does not provide legal or tax advice. Please consult your professional advisor prior to entering into any planned giving arrangement.