Would You Like to Reduce Your Taxable Income?

Would You Like to Reduce Your Taxable Income?

Good news; most of us would. Here’s an option: did you know you could make charitable gifts from your IRA that allow you to reduce your taxable income?

If you are at least age 70 ½, you are required by law to take distributions from your traditional IRA. The law allows you to make a direct transfer from your IRA to support a charity important to you -- such as OLLI at WVU. The gift will satisfy a portion of your required minimum distribution (RMD), and the amount is not be considered taxable income, as other IRA distributions are, on your federal or West Virginia income tax return.

Up to $100,000 can be transferred directly (the WVU Foundation in this case) each year for benefit of charities. Here is a brief video from Forbes on how it works - https://www.forbes.com/video/5686273571001/ (sorry about the advertisement at the beginning)

Using IRA funds to support OLLI is a smart way to give. And, the gift will help keep OLLI a vibrant organization.

For questions on arranging IRA gifts to OLLI at WVU, contact Karen Galentine, director of development for the School of Public Health, at 304-293-1828 or kegalentine@hsc.wvu.edu, or talk with the firm that holds your IRA (e.g. Vanguard, TIAA, Fidelity, Schwab, etc. )