The charitable IRA rollover remains in effect through 2013. This legislation allows you (if you are 70 ½ or older) to make cash gifts through a "qualified charitable distribution" or "charitable IRA rollover" totaling up to $100,000 a year from your traditional or Roth IRA to Kenyon College without incurring federal income tax on the withdrawal.
Anyone with a traditional or Roth Individual Retirement Account (IRA) who is age 70 ½ or older. Charitable rollovers from Roth IRAs may not yield significant tax benefits - consult your tax advisor.
Up to $100,000 annually in tax year 2013, no matter what your income is.
Yes, but you can use your donation to meet all or part of this requirement.
No, but you are not required to pay federal income tax on the withdrawal either.
NOTE : Some states may not exclude gift amounts withdrawn from an IRA for state income tax purposes. Consult with your tax advisor.
Gifts from retirement accounts other than IRAs—such as 401(k), 403(b) and SEP accounts—are not eligible to make direct transfers. However, donors may be able to make qualified, tax-free transfers to their IRA, and then make a charitable rollover gift from their IRA. Consult with your tax advisor.
Contact your retirement plan trustee well before the December 31 deadline to learn how to initiate the transfer. All qualified distributions must be made directly to Kenyon by the plan trustee.
Instruct trustee to make a "qualified charitable distribution" or "charitable IRA rollover" and to transfer a specific amount directly to Kenyon College.
Instructions for the trustee to complete the distribution by check or by direct cash wire are listed on the Trustee Instructions web page. In all cases, distribution should be made directly to Kenyon College with your name included on the check or wiring instructions. The check or distribution proceeds should not come to you.
Please feel free to call Kyle Henderson, Associate Vice President for College Relations at 740-427-5729 or at (800) KENYON-C (800-536-9662) or e-mail him at email@example.com if you have any questions or need assistance. And thank you for your loyalty to Kenyon — we appreciate it!
This information does not constitute legal or financial advice and is provided only for illustrative purposes.