Take the Complexity out of Giving from your IRA

If you are 70½ years old or older, you can take advantage of a simple way to benefit the University of Missouri - St. Louis and receive tax benefits in return.

You can give up to $100,000 directly from your IRA without having to pay income taxes on the distribution. This law no longer has an expiration date so you are free to make annual gifts from your IRA this year and well into the future.

Why Consider This Gift?

  • Your gift will be put to use today, allowing you to see the impact your donation makes.
  • You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • If you have not yet taken your required minimum distribution for the year, your IRA charitable gift can satisfy all or part of that requirement.

Frequently Asked Questions

Q. How do I go about making a gift from my IRA to UMSL?
A. First, contact your plan administrator to find out the steps they require to transfer a gift. Complete those steps and alert Sharon Fenoglio in the Planned Giving Office at UMSL that you are making the gift, and where you would like your gift to be directed.

Q. I'm turning age 70½ in a few months. Can I make this gift now?
A. No. The legislation requires you to reach age 70½ by the date you make the gift.

Q. I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?
A. Yes. Direct rollovers to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to UMSL. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.

Q. Can my gift be used as my required minimum distribution under the law?
A. Yes, absolutely. If you have not yet taken your required minimum distribution, the IRA charitable donation can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.

Q. Do I need to give my entire IRA to be eligible for the tax benefits?
A. No. You can give any amount under this provision, as long as it is $100,000 or less this year.

Q. My spouse and I would like to give more than $100,000. How can we do that?
A. If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his or her IRA.

It is wise to consult with your tax professionals if you are contemplating making a charitable donation from your IRA. Please feel free to contact Sharon Fenoglio, Senior Director of Planned Giving at (314) 516-6788 or fenoglios@umsl.edu with any additional questions you may have.