IRA Rollover

If you are over age 70½ and have an IRA account, you can make thoughtful contributions to Putney, satisfy your required minimum distribution (RMD), and avoid income tax you would otherwise have to pay on mandatory withdrawals. 

Would you like to support the school in a tax-wise way? The Charitable IRA Rollover may be just the thing

______

You may be required to take annual distributions to satisfy your required minimum distribution (RMD). Individuals may elect to distribute funds (up to $100,000/year) directly from IRA accounts to Putney, without increasing your adjusted gross income (AGI). While these distributions generally do not qualify for an income tax deduction, a “charitable IRA rollover” is a great way to satisfy your RMD and make a nice gift, especially now that the standard deductions have been increased and many people will no longer choose to itemize.

This benefit is thanks to the Trade Facilitation and Trade Enforcement Act of 2015 and is available to itemizers and non-itemizers alike.  It requires only a few simple steps.

Do You Qualify? 

To benefit from this gift opportunity, the following qualifications must be met:

  • Donor must be age 70½ or older at the time of transfer. The maximum amount a donor may transfer per year is $100,000.
  • The gift must be outright. Gifts to donor-advised funds or to life income vehicles do not qualify.
  • The gift must be transferred directly from the IRA account by the IRA administrator to Putney. Donors with check-writing ability for their IRAs may use this feature to complete their gift.

For more information, please contact Carlotta Cuerdon, Assistant Director of Development, [email protected] or 802-387-6248.