Reduce Your Taxes While Increasing Your Impact
If you are 70½ years of age or older and have a traditional individual retirement account (IRA), you can make an immediate impact at MassBay through an IRA Charitable Rollover Gift. Owners of these accounts have the opportunity to make qualified charitable distributions of up to $100,000 in the calendar year.
An IRA Charitable Rollover allows you to:
- Make a gift directly from your IRA tothe MassBay Foundation;
- Satisfy part or all of your annual RMD from your IRA, and exclude part or all of that distribution from your Federal taxable gross income; and
- Impact today’s MassBay students by renewing or increasing your annual gift through your IRA Charitable Rollover.
For your gift to qualify:
- You must be 70½ years of age or older at the time of your gift.
- The transfer must be made from your IRA directly to the MassBay Foundation.
- Your total annual IRA Charitable Rollover gift(s) cannot exceed $100,000 in the calendar year of the gift.
- Your gift to MassBay must be completed by December 31 in the year you decide to make the gift.
- Your gift must be outright. Gifts from your IRA to donor-advised funds or life-income vehicles such as charitable gift annuities or charitable remainder trusts do not qualify as IRA Charitable Rollover gifts.
Making your gift is easy:
Before December 31 of this year:
- Contact your IRA custodian.
- Ask that your distribution be a charitable rollover to the MassBay Foundation.
- To ensure that we can promptly and accurately credit your gift, ask them to include your name, address and how you would like the gift allocated in the transfer.
Distributions can be mailed to:
The MassBay Foundation
50 Oakland Street
Wellesley Hills, MA
For distributions sent via wire transfer, please have your plan custodian contact usatfoundation@massbay.edu for specific instructions.
Make MassBay a beneficiary of your IRA
You may also consider making a charitable bequest of part or all of your retirement account to MassBay. A retirement account bequest is one of the most tax-efficient ways to fund a charitable gift from your estate. By making the MassBay Foundation the beneficiary of your retirement account, you may reduce or eliminate federal estate and income taxes related to your retirement account at your passing.