IRA Gift Planning
Although the SECURE Act of 2019, changed the age for required minimum distributions (RMDs) to 72, if you are 70½ or older you may still make charitable distributions of up to $100,000 from your IRA. Charitable distributions from your IRA can be a very tax-savvy way to support Jesuit education at Seattle University because it may lower your RMDs in future years, and as a result, lower your income tax in future years.
For those age 72 and older, requesting charitable distributions of up to $100,000 per year from your IRA has two main benefits:
- Counts toward satisfying your RMD for the year
- Reduces your taxable income, even if you do not itemize deductions
Benefits of IRA Qualified Charitable Distributions and Beneficiary Designations
- Avoid taxes on transfers of up to $100,000 from your IRA to our organization
- May satisfy your required minimum distribution (RMD) for the year
- Reduce your taxable income, even if you do not itemize deductions
- Make a gift that is not subject to the deduction limits on charitable gifts
- Help further the work and mission of our organization
How IRA Qualified Charitable Distributions and Beneficiary Designation gifts work
- Contact your IRA plan administrator to make a gift from your IRA to us.
- Your IRA funds will be directly transferred to our organization to help continue our important work.
- Please note that IRA Qualified Charitable Distributions and Beneficiary Designation gifts do not qualify for a charitable deduction.
- Please contact us if you wish for your gift to be used for a specific purpose.
If you have any questions about IRA Qualified Charitable Distributions and Beneficiary Designation gifts, please contact us. We would be happy to assist you and answer any questions you might have.