IRA Charitable Rollover
If you are aged 70½ years or older, you may want to consider making a charitable donation through a Qualified Charitable Distribution ("QCD"). A QCD is a direct transfer of funds from your IRA custodian to a qualified charity.
The Lamar University Foundation serves as the preferred channel for private gifts to all areas of Lamar University to support its educational mission.
Benefits of an IRA charitable rollover
- Unlike regular withdrawals from your IRA, a QCD excludes the amount donated from taxable income
- QCDs don't require that you itemize, which means you can take advantage of the higher standard deduction afforded by recent tax law changes and still use a QCD for charitable giving
- QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, up to $100,000 and as long as certain rules are met
- QCDs allow you to make a gift that is not subject to the deduction limits on charitable gifts
- Help further the work and educational mission of Lamar University
How an IRA charitable rollover gift works
- Contact your professional advisors to ensure compliance with tax laws.
- Contact your IRA plan administrator to make a Qualified Charitable Distribution from your IRA to the Lamar University Foundation.
- Your IRA funds will be directly transferred to the Lamar University Foundation.
- Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
- Please contact us if you wish your gift to be used for a specific purpose.
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.