IRA Charitable Rollovers

IRA charitable rollovers are a tax saving way you can help Holy Cross College.

In December 2015, President Obama signed into law the IRA Charitable Rollover, which allows you to make a tax-free gift to us from your IRA. Under the recently re-instated law, you may move up to $100,000 from your IRA directly to Holy Cross College without having to pay income taxes on the money.

The IRA rollover offers Americans 70 ½ years or older the opportunity to give back to nonprofit causes they support, like Holy Cross College.

Some taxpayers who meet the criteria for making direct charitable distributions from the IRAs may realize a tax benefit by making a contribution before the end of the year.

Transfers must be made by December 31, 2016 to be counted for 2016. Please contact your IRA administrator to make a qualifying transfer. As always, we recommend you discuss any gift with your tax or financial advisor.

Key Points

  • If you have not taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
  • The transfer made be made in addition to any other charitable giving you have planned.
  • Your total IRA gifts to charity can be up to $100,000 per individual taxpayer.
  • You must make the donation directly from your IRA custodian to a qualified charity, like Holy Cross College.
  • Your gift is transferred directly to Holy Cross College; since you do not receive the funds, they are not included in your gross income. No income-tax deduction is allowed for the transfer.
  • The provision applies only to IRAs and Roth IRAs.
  • Since the IRA funds are not being taxed, it is the equivalent of a full income tax deduction, which is especially valuable for non-itemizers.

Holy Cross College Information

Federal EIN number: 35-1148835
Address: 54515 S.R. 933 N,, P.O. Box 308, Notre Dame IN 46556

For more information, contact:
Michael Brach
Vice President for Advancement
mbrach@hcc-nd.edu
(574) 239-8368