IRA Gift Planning
Charitable distributions from your IRA can be a tax-savvy way to support Jesuit education at Seattle University. In January 2023, the Secure Act 2.0 changed the age for required minimum distributions (RMDs) for Individual Retirement Accounts to 73. However, if you are 70½ or older you may still make charitable distributions of up to $100,000.
For those age 73 and older, making a distribution from your IRA to qualified charitable organizations has these benefits:
- Counts toward satisfying your RMD for the year
- Reduce your taxable income
- Potentially lowers your RMD in future years
Flowchart: Donor directs IRA custodian to make an IRA Qualified Charitable Distribution and Beneficiary Designation gift to SeattleU.
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.
Contact us
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.
