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The Charitable IRA Rollover is Permanent

GOOD NEWS FOR THOSE AGE 70 ½ AND OLDER

For the 2017 tax year, you only have until December 31, 2017 to complete your gift.

For more information and specific procedures please contact your IRA administrator.
Answers to Frequently
Asked Questions


Affiliated Foundations

Tax ID #
College of William and Mary 54-6001718
The College of William & Mary
Foundation
54-0734117
Marshall-Wythe School of Law Foundation 54-1224563
William and Mary Athletic Educational Foundation 54-6056480
William and Mary Business School Foundation 23-7079011
Virginia Institute of Marine Science Foundation 54-2027915
The Muscarelle Museum of Art Foundation 46-1110899

The Protecting Americans from Tax Hikes Act of 2015, signed into law Friday, December 18, 2015, made the charitable IRA rollover a permanent part of the IRS tax code. IRA account holders age 70 ½ and older can make tax-free gifts from IRAs up to $100,000 to William & Mary directly from their IRA account. These gifts can also count toward your Required Minimum Distributions (RMDs) for each tax year.

Which distributions are eligible?

  • Donors must be age 70 ½ or older at the time the gift is made.
  • Only traditional IRAs and Roth IRAs are eligible accounts. Charitable donations from 403(b) plans, 401(k) plans, pension plans, SEPs, and other retirement plans are not eligible for the tax-free treatment. However, owners of these other types of qualified plans may be able to roll assets into a new IRA to allow them to make gifts if such a rollover is otherwise permitted.
  • Distributions must be made directly from the IRA administrator payable to the public charity such as The College of William & Mary – gifts cannot be made to a private foundation or to a donor advised fund.
  • Gifts cannot be used to fund a charitable gift annuity or charitable remainder trust.
  • Each donor may give up to $100,000 each calendar year. For couples who have separate IRA accounts, each spouse can give up to $100,000 each year.
  • Distributions made under this law can be used to satisfy the donor's required minimum distribution (RMD). For IRA owners over 70 ½ who do not need additional income and do not wish to pay tax on it, the rollover allows for a charitable gift to fulfill the RMD without adding to tax liability.
  • Donors cannot receive any goods or services in return for charitable IRA rollover contributions in order to qualify for tax-free treatment. Ineligible benefits include auctions, raffle tickets, dinners or events, parking passes, premium athletic event seating, or any other type of quid-pro-quo transactions.
  • Donors do not pay Federal income tax on the withdrawal of the charitable distribution from their IRA and do not claim a charitable deduction.

WHAT IS THE PROCEDURE TO EXECUTE A CHARITABLE IRA ROLLOVER?

Call your IRA administrator for specific procedures. Request an IRA charitable rollover check payable to the College of William & Mary or the appropriate affiliated foundation. We offer a sample letter to your IRA Administrator to initiate a rollover.


Please let us know if an IRA check is coming and your desired designation(s) so that we can be sure your gift is designated properly. Please send a note to the address below or call Gift Accounting at (757) 221-1008. Thank you!

Send checks to:
William & Mary
Attn: IRA Processing
Gift Accounting Office
P.O. Box 1693
Williamsburg, VA 23187