IRA Rollover

 

Are you a Putney enthusiast over 70½ with an IRA? Would you like to support the school in a tax-wise way? The Charitable IRA Rollover may be just the thing…

 

Now that Congress has made the IRA rollover permanent, you can make thoughtful contributions to Putney, satisfy your required minimum distribution (RMD), and avoid income tax you would otherwise have to pay on mandatory withdrawals. This benefit is available to itemizersand non-itemizers alike and requires only a few simple steps.

Tax-Free IRA Rollover Permanently Extended

The Trade Facilitation and Trade Enforcement Act of 2015 made the “IRA Charitable Rollover” a permanent giving opportunity for qualified donors. Under this legislation, qualified donors may make outright gifts of up to $100,000 to charity from their IRA and avoid taxation on the distribution. For gifts to be counted toward the required minimum distribution (RMD) for 2017, transfers must be made by December 31, 2017.

To benefit from this gift opportunity, the following qualifications must be met:

  • 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.
  • Donor must be age 70½ or older at the time of transfer. The maximum amount a donor may transfer per year is $100,000.
  • 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 gifts.

Sample letters to facilitate this tax-wise way to support Putney and take advantage of tax-free distributions are linked below. For more information, please contact

Hugh Montgomery
Director of Development
The Putney School
418 Houghton Brook Road
Putney, VT 05346
(802) 387-6272
hmontgomery@putneyschool.org

Thanks!

 

Any prospective donor should seek the advice of a qualified estate and/or

tax professional to determine the consequences of his or her gift.

 

Click here for a PDF of Letter 1: Sample 2017 request from plan owner to IRA plan administrator authorizing charitable distribution to Putney from individual retirement account

Click here for a PDF of Letter 2: Sample 2017 letter from donor to The Putney School informing Putney of forthcoming qualified charitable distribution from IRA administrator

The Putney School | Elm Lea Farm, 418 Houghton Brook Road, Putney, Vermont 05346-8675
802-387-5566 (main) | 802-387-6278 (fax) | admission@putneyschool.org | info@putneyschool.org
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