IRA Charitable Rollover

How to give through an IRA Charitable Rollover

The IRA Charitable Rollover is a great way to make gifts and receive tax benefits in return. As you plan your required minimum distributions for this year, consider using your IRA account to make the most of your charitable giving to Saint Michael’s College. You receive a tax benefit even if you take the standard deduction.

It’s simple to do. Just contact your IRA administrator to make the transfer.

To be eligible:

  • You must be 70½ years of age or older on the day of the gift.
  • Rollover transfer from IRA must be made directly from the account administrator to Saint Michael’s College.
  • Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify. Gifts from 401k, 403b, SEP and other plans do not qualify.

Tax benefits:

  • You may transfer up to $100,000 directly from your IRA annually, which allows you to make significant gifts. (Your spouse can also give up to $100,000 from his or her own IRA if s/he is 70½ or older.)
  • IRA Charitable Rollover generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your tax deductions.
  • Count towards your required minimum distribution for the year in which you made the gift.

To make a gift:

  • Contact your IRA administrator for the necessary forms to transact your gift or use the sample request letter below to make your charitable distribution to Saint Michael’s College (Tax ID 03-0179403).
  • Instruct your IRA administrator to put you or the donor’s name on the check and specify that the gift is an IRA charitable distribution.
  • Send the check to:

Saint Michael’s College
Institutional Advancement
One Winooski Park – Box 256
Colchester VT 05439

  • Notify us of your gift so we know where to direct your gift. Call Ms. Phung Pham at 802.654.2646 or email ppham@smcvt.edu.

To assist you, here is a Sample Request Letter to Your IRA Administrator that includes all the above information to make your gift to Saint Michael’s College. 

It’s important to consider your tax situation before deciding whether to make a charitable transfer from your IRA. Be sure to share this gift plan with your tax attorney or financial advisor.

To discuss your giving options in confidence, please contact Ms. Phung Pham in the Office of Gift Planning at 802.654.2646 or email ppham@smcvt.edu.