Gift and Estate Planning

Penn Hall

Charitable Rollover Gifts from IRAs

In late 2015, legislation allowing charitable rollover gifts from IRAs was made permanent, providing an opportunity for donors age 70 ½ or older to support Gettysburg College with a tax-neutral gift from their retirement plan.

The basic rules are:

  • The donor must be 70 ½ or older on the date of gift.
  • Gifts must come from a traditional or Roth IRA (including inherited IRAs, if you are 70 ½ or older).
  • The distribution must come directly from the IRA custodian to the qualified charity (Gettysburg College). Donor-advised funds and private foundations are not qualified charities.
  • Each donor can transfer up to $100,000. Couples with separate IRA accounts can each contribute up to $100,000.
  • The distribution to charity can satisfy all or part of the donor’s required minimum distribution for the year.
  • The gift cannot be used to fund a life income gift such as a charitable gift annuity or charitable remainder trust.
  • The donor does not claim the distribution as income, nor does the donor qualify for a charitable income tax deduction.

Here are the steps for making a rollover gift from an IRA:

  • Consult with your legal or tax advisor about your individual circumstances.
  • Contact your IRA administrator for internal processing deadlines and instructions.
  • Complete a transaction form from your IRA website or administrator, indicating the amount to go to the College, then sign and return the form to your administrator with a signature guarantee.
  • Your administrator will need the following information to execute your transfer:

Mailing address for gifts:  

Gettysburg College
Campus Box 423
300 North Washington Street
Gettysburg, PA  17325

Gettysburg College’s federal employer ID number: 23-1352641

  • Read more about IRA distribution lifetime gifts.
  • Contact the College so that we know to watch for the transfer from your administrator.

Questions? Contact us to learn more.