Don't Let Your IRA Benefit Expire...
Act Now To Save On Your Taxes.
Itemized income tax deduction has changed going forward and it might be wise, starting this year, to use their IRA instead of making charitable contributions from other personal resources.
How It Works
Convert A Burden to a Benefit
If you are 70½ or older, you are likely familiar with the IRA required minimum distribution (RMD). Each year, the IRS requires you to withdraw a certain amount from your IRA, whether you need the funds or not. And you pay income tax on every distribution you take. For many IRA account holders, the taxes can be a significant and an undesirable annual burden.
Major Gift with Minor Effort
Many people are discovering that they can make a big difference to help further NNU’s mission with an IRA rollover gift. For an added benefit consider designating NNU as a beneficiary of your IRA. To designate NNU as a recipient of Qualified Charitable Distribution (QCD), inform your IRA administrator to send funds to: Northwest Nazarene University, 623 S. University Blvd., Nampa, Idaho 83686-5897.
IRA Charitable Rollover
Maggie is 75 and during her career she contributed a portion of her salary each week to her IRA. Maggie’s IRA grew and now she lives off her investment. Each year, her IRA administrator calculates her required minimum distribution and finds it is almost always more than she needs.
This year, Maggie also realized that the itemized income tax deduction has changed. Starting this year, she uses her IRA rollover, instead of other personal resources to make all of her charitable contributions (including how she tithes to her church). With the IRA rollover, Maggie can ask her IRA custodian to send a gift to help further NNU’s mission. When she does, she pays no income taxes on the transfer and the gift reduces her RMD dollar-for-dollar. Maggie’s spouse can do the same. Together, they can reduce their taxable income by up to $200,000 ($100,000 each).
Under federal rules, your benefits may be different from this example. Please contact us for your specific benefits.
Reduce Your Taxes and Increase Your Impact
The IRA charitable rollover provides several benefits. If you are 70½ or older, it allows you to transfer up to $100,000 from your IRA directly to a nonprofit this year. You pay no taxes on the transfer and your gift counts dollar-per-dollar to support our important work. You can also count the gift against your required minimum distribution (RMD), which lowers your income and taxes this year.
Make An IRA Rollover Gift Today!
If you have further questions about how an IRA charitable rollover fit can benefit you, please contact us. We can help you create a plan that achieves all of your personal and financial goals.
NNU’s Federal ID Number is 82-0200907. Call Heather Bryant of NNU at 208.467.8842 for additional details.
Northwest Nazarene University's Legacy Gifts Team Is Here To Serve You!
Director, Legacy Gifts
Associate Director, Legacy Gifts
Estate and Gift Planning