IRA Charitable Rollover
A Tax Wise Way to Give
The IRA Charitable Rollover allows individual retirement account holders age 70 ½ and older to make qualified charitable distributions (QCD) up to $100,000 per year (and up to $200,000 per year for married couples) from their IRA to the IEEE Foundation without having to count the transfers as income for federal tax purposes. Since no tax is incurred on the withdrawal, gifts do not qualify for an income tax charitable deduction, but are eligible to be counted toward an individual’s minimum required distribution beginning at age 73.
- You must be age 70 ½ or older
- Distributions must be made directly to the IEEE Foundation by the plan administrator of an IRA
- Distributions cannot be made to donor advised funds, private foundations or supporting organizations
- Retirement assets in 401(k), 403(b), SEP or SIMPLE plans do not qualify but may be rolled into a new or existing IRA and transferred to the charity
- Distributions may not be used to fund life-income gifts such as charitable gift annuities, charitable remainder trusts, or pooled income funds
- Donate up to $100,000 per year (and up to $200,000 per year for married couples)
- The transfer is not counted as income for federal tax purposes. (Note, gifts do not qualify for an income tax charitable deduction)
- Beginning at age 73, gifts count toward your minimum required distribution
Let Us Thank You
If you decide to name the IEEE Foundation as a beneficiary of your IRA please share the good news with us! A member of the IEEE Foundation team will work with you to ensure your wishes can be fulfilled and acknowledge your generosity by recognizing you as a member of the IEEE Goldsmith Legacy League, an elite group of legacy giving donors. You may request to remain anonymous.
The information on this page is for educational purposes only and is not intended as legal, tax, or investment advice. If you are considering a planned gift to the IEEE Foundation, we highly recommend you consult with your own tax and legal advisors to determine the best options for you.
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