Make a Gift With Your IRA
A Tax-Saving Way to Help the University of Michigan
If you are 70½ years old or older, you can take advantage of a simple way to benefit the University of Michigan and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charitable institution such as ours without having to pay income taxes on the money.
This law no longer has an expiration date so you are free to make annual gifts to U-M this year and well into the future.
Why Consider This Gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making.
- 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, a qualified charitable distribution, commonly referred to as an IRA charitable rollover, gift can satisfy all or part of that requirement.
Frequently Asked Questions
By making a gift this year of up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.
No. The legislation requires you to reach age 70½ by the date you make the gift.
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 the University of Michigan. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.
Yes, absolutely. If you have not yet taken your required minimum distribution, the qualified charitable distribution gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.
We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing privileges on your IRA account, please mail your check by Dec. 15 in order to give us time to process your gift before the end of the year.
No. You can give any amount under this provision, as long as it is $100,000 or less this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.
No. Under the law, you can give a maximum of $100,000. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.
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.
- Contact the Office of Planned Giving at 734.615.2022 or firstname.lastname@example.org for additional information on giving an IRA gift.
- Seek the advice of your financial or legal advisor.
- Ask your IRA administrator about making a direct transfer to U-M or have the administrator send a check from your account to us. (To be tax free, the donation must go directly from your account to U-M without passing through your hands.)
Legal Name: Regents of the University of Michigan
Address: 3003 S. State Street, Ann Arbor, MI 48109
Federal Tax ID Number: Please contact us for our federal tax ID number.