IRA Rollover Opportunity

If you are 70½ years old or older, you are allowed to withdraw and donate up to $100,000 from your IRA directly to a qualified charity without paying income taxes on the gift.

Benefits to you:
  • Your gift will be put to use immediately, allowing you to see the impact of your donation.
  • You pay no income taxes on the gift. The transfer generates neither taxable income, nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.

If you are considering making a charitable IRA rollover gift to Pennington Biomedical Research Foundation, we recommend discussing your philanthropic goals with your financial advisor to be certain this is the best plan for you. If you have questions, need more information, or would like to make a gift, please contact Andre Greene, Senior Vice President/Chief Financial & Administrative Officer, at 225-763-2684. 

Frequently Asked Questions

Q. I’ve already named Pennington Biomedical Research Foundation as the beneficiary of my IRA. What are the benefits if I make a gift now instead of after my lifetime?

A. By making a gift this year of up to $100,000 from your IRA, you can see your philanthropic dollars at work now. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have already made by transferring that amount from your IRA under this legislation as long as it is $100,000 or less for the year.

Q. I’m turning age 70½ in a few months. Can I make this gift now?

A. No. The legislation requires you to reach age 70½ by the date you make the gift.

Q. I have several different retirement accounts, does it matter which retirement account I use?

A. Yes. Direct rollovers to a qualified charity can only be made from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to Pennington Biomedical Research Foundation. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.

Q. Can my gift be used as my minimum required distribution under the law?

A. Yes! If you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.

Q. Do I need to give my entire IRA to be eligible for the tax benefits?

A. No. You can give any amount under this provision, up to $100,000, this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.

Q. I have two charities I want to support. Can I give $100,000 from my IRA to each?

A. No. Under the law, you can give a maximum of $100,000. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.

For more information on IRA’s click here or visit the IRS website at irs.gov.