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Charitable IRA Rollovers

Charitable IRA Rollevers

For 2017 and annually going forward, individuals 70½ and older may transfer up to $100,000 from their IRAs to charitable organizations without having to count the distributions as taxable income. The deadline to complete IRA Charitable Rollover gifts for the current tax year is December 31, 2017.

If you qualify, the IRA Charitable Rollover is a great way to save on taxes and make an end-of-year gift to Hebrew College. If you have not already yet taken your required minimum distribution for 2017, an IRA Charitable Rollover gift can count toward satisfying this requirement.

What you need to know to take advantage of the opportunity for 2017:

  • Eligibility: Individuals age 70½ or older in 2017.
  • Amount eligible: Up to $100,000.
  • Method: Direct transfer from an IRA account to Hebrew College.
  • How to initiate a transfer: Contact your IRA administrator for instructions; notify Hebrew College.
  • If you have a 401(k), 403(b) or other retirement plan: The plan administrator can create a rollover IRA from which to transfer funds to Hebrew College. 

Retirement plans are among the most highly taxed assets one can own, subject to income tax in life, estate tax at death, and income tax when left to an individual other than a spouse. 

Although IRA Charitable Rollover gifts do not qualify for the charitable deduction, they are in effect 100% deductible. Act quickly to complete an IRA Charitable Rollover gift for 2017. As in all charitable gift decision-making, review with one’s advisor is encouraged. 

For information on giving to Hebrew College, please be in touch with the Hebrew College Office of Institutional Advanceme advancement@hebrewcollege.edu or 617-559-8764.  

MORE INFORMATION

Office of Institutional Advancement
617-559-8764
Hours:
M-Th, 10 a.m. to 4 p.m.
F, 10 a.m. to noon

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