IRA Charitable Rollover
You may be looking for a way to make a big difference to help further the St. Thomas mission. If you are 70½, or older you may also be interested in a way to lower the income and taxes from your IRA withdrawals. An IRA charitable rollover is a way you can help St. Thomas and benefit yourself this year.
Benefits of an IRA charitable rollover
- Avoid taxes on transfers of up to $100,000 from your IRA to St. Thomas.
- Satisfy your required minimum distribution (RMD) for the year.
- Reduce your taxable income, even if you do not itemize deductions.
- Make a gift that is not subject to the 50% deduction limits on charitable gifts.
- Help further the work and mission of the University of St. Thomas.
How to make an IRA charitable rollover gift
Contact your IRA plan administrator
and request that a "qualified charitable distribution" be made from
your account to "University of St. Thomas." Please give your
administrator our tax ID and address:
University of St. Thomas
PO Box 64947
St. Paul, MN 55164-0947
Your IRA funds will be directly transferred to the university.
- Notify the University of St. Thomas by calling Jennifer Bennett at (651) 962-6944 so that we can anticipate the contribution and ensure proper handling. You can also let us know if you wish for your gift to be used for a specific purpose.
- Save your documentation. You will receive an acknowledgement letter from the University of St. Thomas that you can use to substantiate your contribution as a qualified charitable distribution and show that your contribution qualifies as a tax-free distribution from your IRA.
Please note that IRA charitable-rollover gifts do not qualify for a charitable deduction. However, the withdrawal from your IRA to St. Thomas will be tax-free because it is not included in your adjusted gross income.
If you have any questions about an IRA charitable-rollover gift, please contact us. We would be happy to assist you.Printable IRA gift instructions