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IRA charitable rollover provides tax savings to donors

If you are age 70½ or older, you may give up to $100,000 directly from your IRA to qualified charities without paying federal income tax on the distribution. If you’d like to make a gift to benefit the University of Minnesota campus, college, or program of your choice, or if you’re fulfilling an existing pledge, you may choose to make a qualified charitable distribution from your IRA. This option provides tax savings to donors even if they do not itemize deductions. To qualify as a deduction for the current tax year, the distribution must be complete by Dec. 31. For more information visit z.umn.edu/5044 or call the University of Minnesota Foundation's planned giving staff at 800-775-2187 or 612-624-3333.
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