From Your IRA
Congress reinstated a law that allows you to make a tax-free gift from your individual retirement account (IRA).
Known as the IRA charitable rollover, this law no longer has an expiration date so you are free to make annual gifts to Alpha Xi Delta from your IRA this year and well into the future.The recently reinstated law allows individuals 70½ and older the ability to transfer up to $100,000 from their individual retirement accounts directly to a qualified charitable organization without being subject to income taxes on the distribution.
Here are the details:
- You are age 70½ or older at the time of the gift.
- You transfer up to $100,000 directly from your IRA. This opportunity applies only to IRAs and not other types of retirement plans.
- You transfer the funds outright to one or more qualified charities. The legislation does not permit direct transfers to charitable trusts, donor advised funds, charitable gift annuities or supporting organizations.
What is the procedure to execute an IRA Charitable Rollover?
Our sample IRA Charitable Rollover letter can help you arrange this type of gift with your IRA administrator to initiate a rollover. Make sure that you contact us when you direct the rollover so we can look for the check from your IRA administrator. Take the following steps to take advantage of this opportunity:
Provide your IRA custodian with the sample letter above or provide your advisor with our taxpayer ID number and mailing address:
Alpha Xi Delta Foundation
1389 W 86th Street #350
Indianapolis, IN 46206-6069
Taxpayer ID# 35-6053701
- The IRA custodian must make the check payable to Alpha Xi Delta Foundation.
- Notify us to expect your gift and tell us where to direct the funds so we can be certain to provide you with the proper receipting to satisfy the IRS requirements.
If you have questions about IRA Charitable Rollover gifts, please check out some of our Frequently Asked Questions, or email foundation@alphaxidelta.org.