If you are age 70½ or older, you may be interested in a way to lower your income and taxes from your IRA withdrawals while benefitting The University of New Mexico.
IRA Charitable Rollover
Benefits of an IRA charitable rollover
- Avoid taxes on transfers of up to $100,000 from your IRA to the UNM Foundation
- Satisfy your required minimum distribution (RMD) for the year
- Reduce your taxable income, even if you do not itemize deductions
- Make a gift that is not subject to the deduction limits on charitable gifts
- Support The The University of New Mexico
How an IRA charitable rollover gift works
- Contact your IRA plan administrator to request an IRA charitable rollover (qualified charitable distribution) directly to the UNM Foundation. The gift will only count as tax-free if the check is made out and sent directly to the UNM Foundation.
- Ask your IRA plan administrator to include your name and The University of New Mexico fund you wish to support on the memo line of the check.
- Notify a representative of the UNM Foundation about your gift, including the name of your IRA plan administrator and the fund you want to support.
- For your gift to count towards your current year's RMD, the funds must come out of your IRA by your RMD deadline, which is generally December 31.
- Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
If you have any questions about an IRA charitable rollover gift, please contact us. We would be happy to assist you and answer any questions you might have.