IRA Charitable Rollover
You may be looking for a way to make a big difference to help further our mission. If you are 70½ or older, an IRA charitable rollover is a way you can help continue our work and benefit this year.
Benefits of an IRA charitable rollover
- Anybody over 70½ can make a non-taxable donation up to $105,000 to a 501c3 charity as a Qualified Charitable Distribution (QCD) from their IRA each year.
- QCD's count toward satisfying your Required Minimum Distributions (RMD) from your IRA. The RMD amount would otherwise be taxable to you.
- If both spouses have an IRA, then each spouse can distribute up to $105,000 for a combined non-taxable gift of $210,000.
- QCD's can be a good charitable planning tool now that heirs must withdraw all the money from a beneficiary IRA within 10 years. Previously, beneficiaries could stretch out their inherited IRA portfolio over their lifetime.
- QCD distributions must be made out directly to the charity and cannot pass through the IRA account holders checking account.
- Please consult with your tax advisor before making a Qualified Charitable Distribution.
HOW IT WORKS
Simply instruct your IRA trustee to make a distribution directly from your IRA (other than SEP and SIMPLE IRAs) to Lees-McRae College, Inc. A check can be mailed to the address below or your IRA trustee may contact the Office of Advancement for instructions on making an electronic funds transfer.
Lees-McRae College
P.O. Box 128
Banner Elk, NC, 28604
SUPPORT
If you have any questions or need assistance making a QCD to Lees-McRae College, please contact:
Susan Boyette
Vice President for Institutional Advancement
828.898.3515
[email protected]
Sam Stephenson
Major Gifts Officer
828.898.2534
[email protected]
