The now permanently extended IRA Charitable Rollover law allows individuals 70½ or older to give up to $100,000 directly from their IRA to one or more qualified charities without paying federal income tax on the withdrawal. Donors who wish to make a gift to benefit the campus, college, or program of their choice, or who are fulfilling an existing pledge, may choose to make a qualified charitable distribution from their IRA.
IRA Charitable Rollover details
- Donors must be age 70½ or older at the time the gift is made.
- Only traditional IRAs are eligible. However, owners of other types of qualified plans may roll assets into a new IRA to allow them to make gifts if such a rollover is otherwise permitted. Donors should consult with their advisor before doing so.
- Donors must ask their plan administrator to make a direct transfer of funds to a qualified public charity. It is important not to withdraw funds before making a gift.
- Gifts cannot be used to fund a gift annuity or charitable remainder trust.
- Each donor may give up to $100,000 per year. For couples, each spouse may give up to $100,000 from their IRA.
- Distributions made under this law can be used to satisfy the donor’s required minimum distribution (RMD). However, qualified charitable distributions are not limited to the donor’s RMD.
- Donors can choose to exclude the distribution from income on their federal tax return. If they do, they will not receive a charitable income tax deduction.
- To qualify for tax-free treatment, donors cannot receive goods, services, or a personal benefit (such as tickets for events) in return for the IRA charitable rollover gift.
To make a gift to the University from an IRA, contact your IRA plan administrator and request a direct qualified charitable distribution from the IRA account to the University of Minnesota Foundation, a 501(c)(3) organization. Our Tax ID number is 41-6042488.
Mail the check to:
University of Minnesota Foundation
Attn: IRA Gift Processing 200 Oak Street SE, Suite 500
Minneapolis, MN 55455
Download a PDF sample form to provide to your plan administrator.
Please contact the University of Minnesota Foundation, or the person you work with at the University, to inform us of your gift and to let us know how we should direct it (the specific campus, college, program, or fund).
Download a PDF sample letter to provide to UMF to inform us of your gift.
Information on this website is not intended as legal or tax advice. For information on how any gift may affect your tax situation, please consult with your own professional advisor.