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Gift Planning

How does the Charitable IRA Rollover work?

On December 18, 2015 President Obama signed into law legislation that retroactively extends the charitable IRA Rollover for 2015 and makes this provision permanent for future years. If you are 70 1⁄2 or older, you may transfer up to $100,000 a year directly from your IRA to a qualified charity, such as MICA. If your spouse has a separate IRA, he or she can also make a charitable IRA rollover gift. The amount of the transfer will not be included in your taxable income, and the transferred amount can count toward the IRA's required minimum distribution.

Is the Charitable IRA Rollover right for you?

The charitable IRA rollover may be particularly appealing if:

  • You want to make an outright gift to MICA that will have immediate impact.
  • You have a required minimum distribution, but do not need additional, taxable income.
    A charitable IRA rollover can satisfy the requirement with a direct transfer to MICA.
  • You have maxed out your charitable income tax deductions. An IRA distribution operates separately from tax rules that limit the tax benefit of individual charitable giving.
  • You do not itemize your income tax deductions. If your IRA distribution goes directly to MICA, the amount of your distribution is never considered taxable income to you in the first place.
  • You reside in a state that does not allow itemized charitable deductions. In states that do not allow a charitable deduction or limit the charitable deduction, a charitable rollover from your IRA is advantageous on the state tax-level, even if your state does not allow a charitable deduction.

How to make a gift:

Consult with your financial and tax advisors to determine whether the charitable IRA rollover is a good option for you.

Contact your IRA custodian and instruct your custodian to make a distribution directly to MICA.

Provide your IRA custodian with our tax ID no. 52-0591661 and the contact information listed below.

Notify us by phone or e-mail that your gift is on its way and the area of MICA you would like to support. You can contact Rita L. Walters, Vice President for Advancement, 410-225-2262, plannedgiving@mica.edu