The IRA Charitable Rollover permits individuals age 70 ½ or older to make distributions up to $100,000 from a traditional Individual Retirement Account or ROTH IRA directly to charitable organizations like WGVU Public Media.
- The distribution counts toward your required minimum distribution (RMD) for the current tax year and may help reduce your Adjusted Gross Income (AGI). In addition, an IRA gift is not subject to the deduction limits on charitable donations.
- Charitable contributions from an IRA must go directly to a public charity such as WGVU Public Media. Contributions to donor-advised funds and private foundations, except in narrow circumstances, do not qualify for tax-free IRA rollover contributions.
- Distributions can only be made from traditional Individual Retirement Accounts or Roth IRAs. Charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible. Distributions must be made directly from the IRA trustee payable to WGVU Public Media (or another non-profit) before December 31 to qualify for the current tax year. You must receive an acknowledgment from WGVU Public Media (or other charity) for each rollover contribution.
- The IRS does not allow any goods or services to be transferred to you in exchange for a contribution from your IRA; however, your WGVU membership will continue.
- What your plan administrator will need:
- Legal name: Grand Valley State University c/o WGVU Public Media
- Federal Tax ID # (EIN): 38-1684280
- Mailing address: WGVU Public Media (Attn: Aaron Turner), P.O. Box 1668, Grand Rapids, MI 49501
We recommend that you seek advice from your financial advisor or tax professional before making a charitable rollover as personal circumstances can significantly impact whether charitable rollovers are advantageous.
Click here for a sample transfer request letter to your plan administrator.
If you have questions, please contact Aaron Turner, WGVU Development Manager at (616)331-6713 or firstname.lastname@example.org.