You can make an impact with your IRA while also enjoying tax benefits.
IRA charitable rollover: You can transfer up to $100,000 tax-free directly from an IRA to The Ohio State University Foundation. You must be age 70 ½ or older (72 if you are still funding an IRA) on the date of the gift and must transfer the funds directly from an IRA to Ohio State. These types of gifts can satisfy your required minimum distribution for the year and reduce your taxable income.
Beneficiary designation: You can designate The Ohio State University Foundation as the partial, sole or contingent beneficiary of your retirement plan assets. In doing so, the IRA distributions are not taxed as they would be if given to an individual. This strategy also can reduce any applicable federal or state estate taxes.
Colleen Currigan, DVM made a gift from her IRA because of the tax benefits. She liked the fact that when you leave your IRA to a non-profit, the full amount is used, compared to if an IRA is left to a family member, they would have to pay taxes on the amount.
During estate planning discussion with my advisors, it was suggested that funds being bequeathed to charities come from my various IRAs when possible. When left to a charity such as Ohio State, no taxes are removed and the entire funds are available to the charity. Leaving my IRAs to The Ohio State University College of Veterinary Medicine, for me, was the right thing to do. It was easy, and it is a way to support Ohio State without saddling my family with the burden of taxation on those funds. I have thoroughly enjoyed my veterinary career and am thankful to Ohio State for helping to make that happen. It’s a great win-win way to pay it back!
- Colleen Currigan, DVM
The donor of an IRA rollover gift is not eligible to receive any benefits or privileges in return for the gift, including, but not limited to, membership in a donor society and athletic ticket points and benefits. The Ohio State University Foundation does not provide legal, tax or financial advice to its donors or their advisors. We encourage you to review your gift plans with your legal and tax advisor to determine the best plan for you.