A Tax-Saving Way to Help the IU School of Liberal Arts
Make a difference today and save on taxes. It’s possible when you support the IU School of Liberal Arts through your IRA.
Make a difference today and save on taxes. It’s possible when you support the IU School of Liberal Arts through your IRA.
If you are 70½ years of age or older and have a traditional individual retirement account (IRA), you can make an immediate impact at the IU School of Liberal Arts through an IRA Charitable Rollover Gift, which may provide a tax benefit that lowers your adjusted gross income. With recent changes to the tax laws regarding traditional IRAs, owners of these accounts can make qualified charitable distributions of up to $100,000 in the calendar year.
An IRA Charitable Rollover allows you to:
For your gift to qualify:
If you’re at least 59½ years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.
No matter your age, you can designate Indiana University as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple, contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website.
It’s important to let us know of your gift because many popular retirement plan administrators assume no obligation to notify a charity of your designation. The administrator also will not monitor whether your gift designations are followed.
We would love to talk to you about how to set up a rollover gift from your retirement assets, answer any questions, and thank you for your generosity. Please contact Liz Goodfellow at lgoodfel@iupui.edu or 317-274-1496.
Information contained herein was accurate at the time of posting. It is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.
IU School of Liberal Arts INDIANAPOLIS
317-274-1456