The IRA charitable rollover allows donors age 70 ½ and older to make direct distributions to St. Olaf College, resulting in a distinct tax advantage.
What you need to know
- Donors age 70 ½ and older can make direct transfers up to $100,000 to qualified charitable organizations.
- Due to the federal SECURE Act, donors who turned 70 ½ on January 1, 2020 or later can only count these gifts towards their required minimum distribution (RMD) when they turn 72 years of age. Contact your plan administrator for questions about your eligibility.
- The IRA charitable rollover can satisfy a portion or the entirety of a donor’s RMD in a given year.
- Because the contributions and earnings being transferred are never taxed, the gifts themselves are not tax deductible.
- Gifts must be postmarked by December 31 to satisfy your RMD for a particular calendar year. If your custodian is making an electronic transfer, the gift must be received on or before December 31.
How to make the gift
- Contact your plan administrator in writing and request a direct transfer from your IRA to St. Olaf College.
- Contact the St. Olaf development office to alert of us of your pending transfer, firstname.lastname@example.org or 800-776-6523.
Please feel free to use this sample transfer request letter. If you prefer to draft your own letter, include the college’s tax identification information in the text.
St. Olaf Federal Tax ID: 41-0693979
St. Olaf Minnesota State Tax ID: 20133
Instruct your plan administrator to mail the gift to the following office and address:
Assistant Vice President and Chief Investment Officer
1520 St. Olaf Avenue
Northfield, MN 55057