Charitable IRA Rollover

Black Bear
You can ROLL OVER a portion of your IRA to benefit the University of Maine and avoid taxes!

The Protecting Americans from Tax Hikes (PATH) Act of 2015 made permanent the Charitable IRA Rollover provision of the Pension Protection Act of 2006. A taxpayer age 70 ½ or older may roll over — directly transfer — up to $100,000 annually from his or her individual retirement account (IRA) for a qualified charitable distribution. The amount directly transferred will be excluded from the income of the taxpayer for federal income tax purposes. The amount directly transferred does not generate a charitable income tax deduction, but it does count toward the taxpayer’s minimum required distribution.

Through strategic use of the IRA charitable rollover:

• Avoid a higher tax bracket that might otherwise result from taking a required minimum distribution into income

• Complete a pledge or create a fund

• Advance a bequest already planned for the University of Maine Foundation and receive a tax benefit

• Make a significant lifetime gift and enjoy the impact

• Support favorite charities with annual gifts

Please contact the Foundation if you need assistance with sample transmittal letters, or if you would like to discuss making the Foundation a beneficiary of any portion of your retirement funds.