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Home > The Future of Smith > Making a Gift > Ways of Giving

Making a Gift

IRAs

A tax-advantaged giving opportunity for donors
age 70½ or older

Have an IRA? Want to use it to make a charitable gift to Smith College? We have good news.

Donors age 70½ or older can now make gifts to Smith College and other charities directly from their IRAs, without including the IRA withdrawal in their taxable income. This provision, available through December 31, 2009, became law as part of the Emergency Economic Stabilization Act of 2008.  

Who benefits from this law?

will cause Soc Sec to be taxed Donors who do not need the income of their minimum required IRA distribution
do not need income Donors who have already reached their giving limits based on adjusted gross income
have already reached their giving limits Donors whose income level causes the phase out of their exemptions
income level causes phase out Donors who don't itemize their deductions
don't itemize Donors for whom additional income will cause more of their Social Security income to be taxed

Here are downloadable documents to help you decide if this type of gift is right for you.

will cause Soc Sec to be taxed Fact sheet on charitable gifts from IRAs (PDF)
will cause Soc Sec to be taxed Sample letter to your IRA administrator requesting a charitable transfer (PDF)
will cause Soc Sec to be taxed Sample letter to Smith informing us of your charitable distribution (PDF)

A few important things to remember:

will cause Soc Sec to be taxed To qualify under this law, you cannot take a regular distribution and then write a check to Smith. You must instruct your IRA administrator to transfer funds directly from your IRA to charity.
will cause Soc Sec to be taxed You should contact Smith College directly to inform us that your IRA distribution is coming, or ask your IRA administrator to disclose your name to us so that we can properly acknowledge your generous gift.
will cause Soc Sec to be taxed You may make qualified distributions to charity in 2008 and 2009, up to $100,000 per year.
will cause Soc Sec to be taxed You must be at least age 70½ at the time you transfer the funds.
will cause Soc Sec to be taxed You can use IRA funds only to make an outright charitable gift, not to fund any form of life-income gift such as a charitable gift annuity.

In 2006 and 2007, many qualified alumnae took advantage of the previous law to give to Smith College. We thank them for their past gifts from IRAs and hope this information is useful for future gift planning. If you have questions, please contact the Planned Giving office.

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