IRA Charitable Rollover
Support the Foundation with an IRA Charitable Rollover
Pay NO federal income tax on what you give to the Wyoming School Foundation! This is a great opportunity for a gift to the Annual Campaign or other Foundation fund. Remember, donations benefit the 1,900 students who attend Wyoming City Schools.
What Is an IRA Charitable Rollover?
The IRA Charitable Rollover provision signed into law in 2015 allows donors age 70 ½ and older to transfer up to $100,000 directly from their IRA to the Wyoming School Foundation or other qualified charities. Donors do not have to count the transfers as income for federal income tax purposes, and transfers can serve as the required minimum distribution (RMD).
Transfers must come from your IRA directly to the Wyoming School Foundation. Other retirement assets in other accounts must first be rolled into an IRA, and then transferred directly to the designated charity.
Who Should Consider a Rollover?
An IRA Charitable Rollover is especially attractive for:
- Individuals age 70 ½ and older who have more money in their IRA than needed for daily living expenses and long-term care.
- Spouses who both have IRA accounts, and don’t need the income to support daily living expenses. Each spouse can transfer up to $100,000 from an IRA.
- Generous donors who may give more to charity than they can deduct in a tax year because transfers from an IRA directly to a qualified charity are exempt from federal income taxes.
- Donors who regularly give a portion of their income to charity and do not itemize deductions.
- Those who recognize income from their required minimum distribution (RMD) will affect the amount of their Social Security income that is taxable.
- Those who wish to remove up to $100,000 from their taxable estate knowing that the IRS can impose taxes of up to 60% on IRA funds not distributed during their lifetime.
Answers to Frequently Asked Questions
Sample Letter to IRA Administrator/Custodian PDF format Word format
Sample Letter from Donor to Charity PDF format Word format
Contact the Foundation to learn more.