The new tax reform act may limit the benefit of income tax charitable deductions for some. However, donors can still receive tax benefits using the IRA Charitable Rollover. The IRA charitable rollover is now permanent and is a terrific way to make a tax-free gift to Buckingham Browne & Nichols School using your qualified retirement plan. This gift may also satisfy your required minimum distribution (RMD).
How Do I Qualify?
Benefits of an IRA Charitable Rollover:
Our Office of Gift Planning can provide you with a letter to send to your IRA administrator to make an IRA charitable rollover. If you are interested in making such a gift or would like more information, please contact:
Director of Stewardship and Advancement Communications
Important Note: Many large IRA administrators now offer IRA owners the option to write checks off their IRA account. However, the date of gift is not established when you put the check in the mail. Rather, the Qualified Charitable Distribution (QCD) rules require action by the IRA administrator, which means the date of gift is established when the IRA administrator transfers funds after the charity deposits the check. If you mail an IRA check in late December and the charity doesn’t cash it until early January, two problems occur:
We encourage you to make your charitable IRA rollover gifts several weeks before the end of the year if writing your own check.