IRA Charitable Rollover Permanently Extended

Use your traditional IRA to support Magdalene

The IRA Charitable Rollover provides an excellent opportunity to make a gift during your lifetime from an asset that could be subject to multiple levels of taxation if it remained in your taxable estate.

To qualify

  • You must be aged 70½ or older at the time of gift.
  • Transfers must be made directly from a traditional IRA account by your IRA administrator to The Magdalene College Foundation (funds that are withdrawn by you and then contributed do NOT qualify).
  • Note that gifts from 401k, 403b, SEP, and other plans do not qualify.

Benefits of qualified charitable distributions

  • Can total up to $100,000 per year.
  • Are not included in your federal gross income on IRS Form 1040; however, no charitable deduction is available.  State tax treatment varies widely.
  • Count towards your required minimum distribution for the year from your IRA.

Is the IRA Charitable Rollover right for me?

It may be right for you if you are at least 70½ years old and:

  • you do not need the additional income necessitated by your minimum required distribution, OR
  • your charitable gifts already equal 50% of your adjusted gross income, so you do not benefit from an income tax charitable deduction for additional gifts, OR
  • you do not itemize deductions, OR
  • you are subject to income phase-outs on your income tax deductions

If you have any further questions or would like to find out more then please contact the Director of Development or call +44(0)1223 332104. We are grateful for your interest and support.

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