IRA Rollover Donation 2016 & Beyond
The Good News: IRA Charitable Rollover Reinstated and Made Permanent
Are you 70 1/2 years old or over? Do you have an IRA account? Would you like to use it to make a tax-free donation to the Graduate Center?
The Qualified Charitable Distribution has these advantages when making a charitable gift:
- The amount transferred directly from an IRA to the Graduate Center Foundation is not counted as income for tax purposes.
- While you cannot take a tax deduction for an IRA charitable transfer, by reducing your taxable income you will benefit even if you do not itemize deductions.
- The amount transferred does count toward the Required Minimum Distribution (RMD).
- The transfer helps keep your RMD from pushing you into a higher tax bracket or causing more of your social security income from being taxed.
- The transfer reduces your IRA assets and thus the tax burden if inherited by someone other than your spouse.
Through an IRA Charitable Rollover gift, you can direct your support to:
- Graduate student summer research stipends
- Graduate student fellowships or fellowship supplements
- Support for Ph.D. programs, Centers, and Graduate Center initiatives
To make a contribution to the Graduate Center Foundation, you will need to inform your IRA administrator (usually by letter) and provide him/her with the following information:
- Amount of your donation (up to $100,000, each year)
- Payable directly to the Graduate Center Foundation, Inc. by check or wire transfer
- Tax ID number for the Graduate Center Foundation: 13-3219419
- Address: Institutional Advancement Office
Miriam Capua, Director of Major and Special Gifts,
The Graduate Center,
365 Fifth Avenue, Ste. 8204,
New York, NY10016-4309
Please let us know if you intend to make a IRA rollover gift so we can credit it properly. If you want additional information about the IRA Charitable Rollover and/or other gift vehicles, please call Tara McDonnell at 212-817-7141 or e-mail her at firstname.lastname@example.org.