If you are age 70 1/2 or older and have an IRA account, you can make thoughtful contributions to Putney, satisfy your required minimum distribution (if you are age 73 or older), and avoid income tax you would otherwise have to pay on mandatory withdrawals.
Would you like to support the school in a tax-wise way? The Charitable IRA Rollover may be just the thing
You may be required to take annual distributions to satisfy your required minimum distribution. Individuals may elect to distribute funds (up to $105,000/year) directly from IRA accounts to Putney, without increasing your adjusted gross income (AGI). While these distributions generally do not qualify for an income tax deduction, a “charitable IRA rollover” is a great way to satisfy your RMD and make a nice gift, especially now that the standard deductions have been increased and many people will no longer choose to itemize.
This benefit is thanks to the Trade Facilitation and Trade Enforcement Act of 2015 and is available to itemizers and non-itemizers alike. It requires only a few simple steps.
Do You Qualify?
To benefit from this gift opportunity, the following qualifications must be met:
- Donor must be age 70 1/2 or older at the time of transfer. The maximum amount a donor may transfer per year is $105,000.
- The gift must be outright. Gifts to donor-advised funds or to life income vehicles do not qualify.
- The gift must be transferred directly from the IRA account by the IRA administrator to Putney. Donors with check-writing ability for their IRAs may use this feature to complete their gift.
For more information, please contact Carlotta Cuerdon, Assistant Director of Development, ccuerdon@putneyschool.org or (802) 387-6248.
Keep Exploring
Sing it Forward: A Campaign for Putney's Future
Student and Faculty Housing | Theater | Student and Faculty Support Annual Fund | Ways to Give | Our Supporters | Campaign Leadership | Updates Join us as
Read More
Alumni Newsletters
Our Alumni and Friends Newsletter connect our growing community of past Putney Students with news about alum as well as fun and interesting happenings across campus. Featured Archives
Read More
Putney Post
Putney Post is our alumni magazine, published twice a year. Current Editions Fall 2024 Spring 2024 Fall 2023 Spring 2023 Winter 2023
Read More