IRA Charitable Rollover
If you are 70½ or older, you can contribute to Rice's mission by authorizing an IRA charitable rollover gift. An IRA charitable rollover gift is a way you can fulfill an outstanding pledge or make your annual gift tax-free (adjusted for tax-deductible contributions you may have made to your traditional IRA, if any, after age 70½).
Benefits of an IRA charitable rollover
- Avoids taxes on transfers of up to $105,000 from your IRA to Rice.
- Satisfies your required minimum distribution for the year (if you have one).
- Reduces your taxable income, even if you do not itemize deductions.
- Makes a gift that is not subject to the deduction limits on charitable gifts.
- Helps further the work and mission of Rice University, while saving other tax-favored, non-retirement assets to pass to beneficiaries.
How an IRA charitable rollover gift works
Once you've contacted your IRA plan administrator to make a gift from your IRA to Rice, your IRA funds will be directly transferred to the university to help continue our important work. You can also designate your gift to be used for a specific purpose. Please note that IRA charitable rollover gifts do not qualify for a charitable deduction. Per the Internal Revenue Code, to qualify for tax-free treatment, you may not receive any goods or services (for example, parking, gala tickets, improved seating, etc.) in return for your IRA distribution.
The Office of Gift Planning handles all IRA gifts regardless of the area of Rice benefited. In fact, if you wish to give to more than one area at Rice, you only need to authorize one distribution payable to Rice University and then let us know how to allocate the funds among your various designations.
Please let us know to expect the distribution and provide us with the name of your IRA provider, the amount of your gift and its intended purpose by contacting Stephanie Dugan at the Office of Gift Planning: 713-348-6206 or firstname.lastname@example.org.
Instruct your IRA's provider to send a distribution directly to:
Attn: Office of Gift Planning MS 81
P.O. Box 1892
Houston, Texas, 77251-1892