The IRA charitable distribution legislation was made permanent in 2015, so you can use this tax advantaged way of giving every year. Drawing on assets in your IRA is a terrific way to make a tax-free gift to Franklin & Marshall College, and this gift can be used to satisfy your required minimum distribution (RMD).
How Do I Qualify?
- You must be 70 ½ years old or older at the time of the gift
- Gifts must go directly from your IRA to F&M
- Gifts must come from a traditional IRA or Roth IRA account (other retirement plans such as 401(k)s and 403(b)s are not eligible)
- Gifts in any year cannot exceed $100,000 per donor
Benefits of an IRA Charitable Distribution Gift
- Gifts can satisfy your RMD without increasing your income taxes
- You will not pay taxes on your IRA withdrawal when gifted to F&M
- You may direct your gift to an area of your choice
- It is a wonderful way to create an immediate impact in the lives of F&M students
To initiate an IRA charitable distribution, contact your IRA administrator. Click here for a sample letter requesting a distribution be made to F&M.
For more information on this gift or any other of our gift planning options, please contact Mary Ann M. Cooke, J.D., ’90 at 717-358-4821, mcooke@fandm.edu.