IRA Rollover

IRA Contributions Are Another Way to Donate to Silver Lake College

There is a tax code change for 2013 that may be beneficial for your year-end planning. It is also a great way to continue your much-needed and appreciated support of Silver Lake College. The compromise tax bill, "American Taxpayer Relief Act of 2012," provides that a taxpayer may make a charitable contribution from a 2013 IRA until the end of December 2013. This is a provision known as the "Charitable IRA Rollover" which allows taxpayers age 70½ or older to make tax-free transfers directly from their IRA to charities. Such gifts can be made without increasing your taxable income or withholding. Additionally, funds transferred will count toward your minimum required distribution.

Certain limitations apply to these non-taxable charitable distributions from an IRA. Please consult your tax advisor for complete information on restrictions and how to give.

  • You must be at least 70½ years of age when the gift is transferred.
  • Total gifts cannot exceed $100,000 per year, per IRA owner or beneficiary. (Legally married couples with separate IRAs could give up to $200,000 per year.)
  • Gifts must be made directly from the IRA to a charity, and cannot be made to a private foundation, a supporting organization, or a donor-advised fund.
  • The gifts must be outright. For instance, they cannot be used to establish a charitable gift annuity or fund a charitable remainder trust.

If you are interested in this giving option we encourage you to consult with your tax advisor. If you would like to make a gift to Silver Lake College and have any questions, please contacting Jake Czarnik-Neimeyer at 920-686-6176 or jake.czarnik-neimeyer@sl.edu