If you are age 70½ or older, your gift can provide a tax break even if you don’t itemize.
The IRA Charitable Rollover allows donors to make charitable gifts directly from an IRA without recognizing it as income. The donor gifts part or all of the required minimum distribution (RMD) to a qualified charity like Towson University and avoids paying tax on what otherwise would be considered income.
You benefit in multiple ways—your gift counts toward satisfying the annual RMD, reduces your taxable income, and you gain the satisfaction of being able to support the causes that are most important to you—like Towson University.
“I directed part of my RMD to the Osher Sustaining Fund, which saves me taxes and helps out Osher at Towson University,” says Ruth Spivak, CPA, a member of the Osher Lifelong Learning Institute at TU.
Under the new tax law, your RMD can provide a tax break even if you don’t itemize by making a charitable gift.
For more information, please contact your financial adviser or Kathleen Hider, director of planned giving and major gifts, at 410-704-6287 or khider@towson.edu.
