Planned Giving: IRA Rollover

Use Your IRA to Make a Tax-Free Transfer to Asbury University

If you own an IRA and are over age 70½, you may transfer up to $100,000 directly from your IRA to Asbury University without claiming any increased income or paying any additional tax. Better yet, the tax-free rollover gift will qualify for your required IRA distribution, thereby lowering your taxable income.

The benefits of the IRA Charitable Rollover include:

• The charitable distribution counts toward minimum required distributions.
• The transfer generates neither taxable income nor a tax deduction, so even those who do not itemize their tax returns receive the benefit.
• The transfer may be made in addition to other charitable giving you have planned.
• You may transfer any amount up to $100,000 per year directly from your IRA.

How It Works

Mary, age 80, has $450,000 in an IRA. If Mary transfers $75,000 from the IRA to Asbury University, she will avoid paying income tax on that amount. She cannot, however, claim a charitable deduction. If her spouse has an IRA and is 70 ½ years old or older, he can also give up to $100,000 this year.

Only standard IRAs and Roth IRA accounts qualify under this law; other retirement accounts such as 401(k), 403(b), SEP, KEOGH, and SIMPLE IRA plans cannot be used to make an IRA Charitable Rollover gift.

Donors of IRA rollover gifts must receive no personal benefits from this gift nor are they available for planned gifts such as charitable remainder trusts or gift annuities.

How to Make a Gift

Contact your IRA custodian to transfer your desired gift amount to Asbury University and then contact our Office of Planned Giving at (859) 858-5544 or plannedgiving@asbury.edu to inform us of your transfer.

For More Information

Please contact the Planned Giving team at plannedgiving@asbury.edu or (859) 858-5544 with any questions.

The information on this site is not intended as legal, tax or investment advice. For advice regarding all matters associated with charitable giving, please consult an attorney, tax professional and/or investment professional.