IRA Charitable Rollover
Dear Wildcat Supporter,
In 2015, President Obama reinstated a law that allows donors to make a tax-free gift to us from their IRA. Known as the IRA charitable rollover, this law has been reinstated for all of 2015 and will remain in effect for 2016 and beyond.
It’s Not Too Late
Under the recently reinstated law, you may move up to $100,000 from your IRA directly to a qualified charity such as St. Ignatius College preparatory without having to pay income taxes on the money.
How It Works
- If you are 70½ or older, you can give up to $100,000 directly from your IRA to charities such as ours.
- The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.
- If you have not taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
- The transfer may be made in addition to any other charitable giving you have planned.
- If you made a gift to a qualified charity of up to $100,000 directly from your IRA in 2015, your gift will qualify under the new law.
- The gift needs to be made by Dec. 31, 2015, if you want your gift to qualify this year.
If you have already made a qualifying gift in 2015, contact your advisor to make sure your gift is properly reported on your 2015 income tax returns. If you are interested in this unique opportunity to help further our mission, or if you have any questions, please feel free to contact me.
Genevieve Veach '97
Director of Annual Giving & Alumni Stewardship
415-731-7500 ext. 5211