IRA Charitable Rollover

The IRA Charitable Rollover is Now Permanent

This tax efficient gift allows a donor who is at least 70½ years old to make a direct transfer from his or her IRA to Wheaton. As a reminder, the benefits of a direct charitable distribution from an IRA include the following:

  • The distribution is not included in your adjusted gross income, so you can benefit even if you do not itemize deductions on your tax return.
  • It may lower your state income taxes if your state of residence taxes retirement distributions and limits charitable deductions.
  • It may reduce the amount of your taxable social security income.
  • The distribution avoids limitations on the deductibility of large charitable gifts.
  • It may lower tax rates and prevent deduction phase-outs for higher-income families.
  • It can count toward your minimum required distribution for 2017.
  • You can contribute up to $100,000 directly from your IRA, tax free.

IRA Charitable Rollovers provide significant support for the students and ministry of Wheaton College. To take advantage of this opportunity, please contact your IRA custodian and direct them to make a 2017 distribution to Wheaton before the end of the year.

If you have any questions or would like more information, please do not hesitate to contact us. You may call David Teune, Director of Gift Planning Services, or Ruth Langworthy, Associate Director, at 630.752.5332, or email us at gift.plan@wheaton.edu.