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Charitable IRA Rollover Tax Advantage 2017

Senior Citizens: Reduce 2017 Taxes with Your IRA Gift to Georgetown College

Submitted on November 16, 2017

Charitable IRA Rollover Tax Advantage

For those aged 70½ or older, it is still possible to make tax-favored charitable gifts from traditional and Roth IRA accounts. An IRA rollover is a simple and easy way to use your individual retirement account to reduce taxes and help Georgetown College provide an exceptional experience in a vibrant Christian community.

A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to qualified charities such as Georgetown College free of federal income tax each year. There may also be state income tax savings. Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift.

To make such gifts, it is important to not withdraw funds prior to a gift but have the gift amount distributed directly from an IRA to one or more qualified charities. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA.

Talk to your tax advisor about the advantage of directly transferring gifts from your retirement plan to Georgetown College. Your accountant or another financial advisor can also help you determine the optimum amount to give from retirement plan accounts under federal and state tax laws.

Gifts for 2017 must be made by December 31.

To help us track your IRA gift, please inform us of your intent to make a gift from your IRA.

For more information about supporting Georgetown College with gifts from your IRA, please contact the Office of Institutional Advancement. Phone 502-863-8041 or email

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