IRA Charitable Rollover

On December 18, 2015, President Obama signed legislation into law which permanently allows you to make tax-free charitable gifts from your IRA, retroactive to January 1, 2015.

You don’t report this as income so there is no tax. And, your gift goes towards all or part of your minimum distribution requirement. You benefit even if you do not itemize your tax deductions.

Your donation can help transform the lives of students through community, faith and scholarship. You can support specific purposes, such as a department or program, or help build our endowment.

IRA Rollover Facts

  • You can qualify if you are 70 1/2 or older.
  • Your gift must come directly to us from your IRA account – either Roth or traditional.
  • You can transfer up to $100,000 per year.
  • Organizations like Kapaun Mt. Carmel Catholic High School that are classified as 501(c)(3) organizations (tax exempt) are qualified to receive IRA rollovers.
  • You pay no income tax on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your tax deductions. It is important that the funds transfer directly from your IRA custodian to Kapaun Mt. Carmel Catholic High School in order to avoid a taxable event.
  • The gift may not be used to fund a gift annuity, charitable remainder trust, donor advised fund or private foundation.
  • You may not receive any goods or services in return for the rollover gift in order to qualify for tax-free treatment.
  • The new legislation does not have an expiration date. You can make gifts in 2015 and beyond.

To make your IRA gift, simply contact your IRA provider. You may need to provide them with our Tax ID number which is 48-0778722.