Charitable IRA Rollover legislation is made permanent!
What does this mean?
Criteria to know:
A gift from your IRA directly to Phillips Academy will qualify toward your annual IRA required minimum distribution, allowing you to donate up to $100,000 of the distribution while avoiding taxation on the distribution.
Steps to take to make a Charitable IRA Rollover gift to Phillips Academy:
- A donor must be at least 70 1/2 years of age when the gift is made.
- Transfer must be made directly from the IRA administrator to Phillips Academy; individuals with check-writing ability for their IRAs may use this feature to complete their gift.
- The maximum giving with this vehicle is $100,000 per person ($200,000 for a couple) per year, not $100,000 per charity.
- This opportunity applies only to IRAs, not other types of retirement plans.
- The charitable IRA distribution can be used to pay a pledge.
- Contributions for life income gifts—such as gift annuities or charitable remainder trusts—do not qualify.
- No charitable deduction will be realized, since the tax savings are reserved on the avoidance of income tax for the distribution.
Questions, letters, and e-mails
- Contact your IRA plan administrator for its specific transmittal form or use our form to request a gift transfer from your IRA to Phillips Academy.
- Inform us of your plan to make this gift and of the designation of your gift. The easiest way to do this is by:
- sending an e-mail to either of the addresses below with your name, contact information, IRA administrator name, gift amount, and designation information
to Grace E. Curley ’81, director of gift planning, or Connie Pawelczak, associate director of gift planning, at:
180 Main Street (McKeen Hall)
Andover, MA 01810