IRA charitable gifts

There's good news for individuals aged 70½ or older with individual retirement accounts. Thanks to the extended charitable IRA legislation, you can once again make outright gifts using IRA funds without tax complications.

If you are required to receive minimum distributions from your IRA and you do not need the money for personal use, consider using those funds as a charitable gift. While you cannot claim a charitable deduction for the IRA gifts, you will not pay income tax on the amount.

You may give funds to St. Olaf this way if...

  • You are 70½ or older.
  • You transfer funds directly from your IRA.
  • You make an outright gift  (Life-income gifts, such as charitable gift annuities or remainder trusts, are not permitted).

The benefits to you...

  • In most cases, the transfer counts toward your minimum required distributions.
  • The gift generates neither taxable income nor a tax deduction, so even those who do not itemize their tax returns receive the benefit.
  • You may transfer up to $100,000 directly from your IRA in 2008 and 2009.

The next step...

Contact your IRA administrator and request a form that contains the instructions for an IRA charitable gift. Your IRA administrator can make a direct distribution from you IRA account to St. Olaf College by sending the distribution check to:

St. Olaf College
Attn: Mark Gelle, Chief Investment Officer
1520 St. Olaf Ave
Northfield, Mn 55057

Tax ID 41-0693979

Please instruct your IRA administrator to identify you as the IRA account holder - with your name and address - on the distribution check and accompanying materials.

Please inform us that you are making an IRA charitable distribution so that we can provide appropriate acknowledgment of your gift. Contact us at 800-776-6523 or plannedgiving@stolaf.edu.

Thank you for your support of St. Olaf College.