Make a Tax-Free Gift from your IRA

You may be eligible to make a tax-free gift to the MSPE Educational Foundation from your individual retirement account (IRA).

While many donors have taken advantage of this opportunity in the past to transform lives though technology, it’s official: the IRA charitable rollover law has been officially reinstated in 2015 and will remain in effect beyond.

This past Friday, Congress passed the Charitable IRA Rollover provision permanently. This enables individual retirement account (IRA) owners in the United States over the age of 70½ to transfer to qualifying charities – including the MSPE Educational Foundation – up to $100,000 per year from their IRA, which counts toward one’s required minimum distribution for the year while at the same time avoiding being taxed. What a way to support MSPE and MSPE Educational Foundation AND maximize the impact of your IRA!

At MSPE Educational Foundation, we know that philanthropy is personal. We also know that, for many, a strategic financial approach to philanthropy can maximize impact while also supporting your personal financial goals. If you’ve been waiting to make your IRS transfer this year, you’ll need to act now and request the distribution in order to qualify for the 2019 tax year.

HOW IT WORKS

• If you are 70½ or older, you can give up to $100,000 directly from your IRA to charities like the MSPE Educational Foundation. The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.
• If you have not taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
• The transfer may be made in addition to any other charitable giving you have planned.
• The gift needs to be made by Dec. 31, 2019, if you want your gift to qualify this year.

If you are interested in this unique opportunity to promote the goals of the MSPE Educational Foundation and support the MSPE professional community, or if you have any questions, please contact tlowe@mspe.org or call 573-636-4861.

Ready to make a tax-free contribution that will help support the 21st century engineering education? You can download our sample request letter to submit to your financial institution. Please remember to share this with us as well so we can properly acknowledge your contribution.

Contact your financial advisor to ensure your contribution is properly scheduled for your 2019 tax preparations.