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IRA Charitable Rollover

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Here is a tax-smart way your giving can help Bates College educate the next generation of students in order to prepare leaders for the wider world. The IRA charitable rollover (also called the Qualified Charitable Distribution, or QCD) is a great way to make a tax-free gift to Bates College and satisfy your required minimum distribution.

1. 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 Bates College.
  • Gifts must come from an IRA account.
  • Gifts cannot exceed $100,000 per person, per year.

2. Benefits of an IRA Charitable Rollover Gift

  • Gifts can satisfy your RMD without increasing your income taxes.
  • You will not pay taxes on your IRA withdrawal when given to Bates College.
  • You may direct your gift to an area or program of your choice.
  • It is a powerful way to help shape the future lives of students.

3. How can I make a charitable IRA Rollover?

How can I make a charitable IRA rollover?Your IRA administrator can help you make a qualified charitable distribution from your IRA. Be aware that many administrators require you to use their QCD distribution form and comply with other requirements. Please note that it is important to follow your financial institution’s forms and procedures to ensure you receive the tax benefits of a QCD.