Throughout life, many Americans steadily tuck away funds in a retirement plan. As you age, though, you may find you don’t need that money to cover living expenses. When this happens, those funds can still serve a crucial purpose. Gifting a portion of your retirement funds is an easy and tax-savvy way to bolster medical education and fuel research at IU School of Medicine.
Gifts Made in Life
If you are older than age 70½, there’s a tool that enables you to help IU School of Medicine and receive tax benefits—an IRA charitable rollover. Donate any amount up to $100,000 annually directly from your IRA and enjoy these benefits:
- Your gift can be used today for the cause most important to you
- You can use an IRA rollover each year, using those gifts to fulfill a multi-year pledge
- Your donation counts toward the required minimum distribution
- The contribution is not counted as income, reducing your annual taxable income level
- The lower adjusted gross income figure after the gift can result in lower Medicare premiums and reduce the amount of Social Security taxed