Make a Gift Tax-free With an IRA
Make a difference today and save on taxes. It’s possible when you support UNH through your IRA.
A Special Opportunity for Those 70.5 Years and Older
You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as UNH without having to pay income taxes on the money. Gifts of $100,000 or less are eligible for this benefit. You can feel good knowing that you are making an immediate difference at UNH with this popular gift option, commonly called the IRA charitable rollover. You may also see it referred to as a qualified charitable distribution, or QCD for short.
Why Consider This Gift?
Your gift will be put to use today, allowing you to see the difference your donation is making. There are so many benefits to making a QCD:
Benefits:
- Tax-free RMD lowers your AGI - may have beneficial impact in other tax areas such as taxation of Social Security benfits of Medicare Part B premiums
- Avoids AGI threshold for charitable gifts
- May benefit state taxes since some states do not allow residents to deduct a charitable contribution
- May benefit legacy planning by preserving assets, which may benefit from step-up in cost basis while the IRA is taxable to heirs
By reducing your IRA balance, a QCD may also reduce your taxable income in future years, lower your taxable estate, and limit IRA beneficiaries' tax liability.
Requirements
- At age 70 ½ and older, you can give any amount up to $100,000, penalty-free, without having to pay income taxes.
- At age 59 ½ and older, you can take a distribution up to $100,00 to use as a gift without penalty and you can take your gift as a charitable deduction.
- Distribution must be sent directly to a qualified charity
- Limit of $100,000 annually per IRA owner and can include the required minimum distribution (RMD)
Logistics
We recommend direct transfers to realize the greatest benefit. Please contact us at (603) 862-3694 so we can provide detailed instructions for your transfer.
University of New Hampshire Foundation, Inc.
9 Edgewood Road
Durham, NH 03824
UNH Foundation Tax ID: 02‐0437506
FAQs About IRA Charitable Rollovers
No. The legislation requires you to reach age 70½ by the date you make the gift.
Yes. Direct gifts to a qualified charity can be made only 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 UNH. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.
Yes, absolutely. Beginning in the year you turn 72, you can use your gift to satisfy all or part of your RMD.
UNH must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing privileges on your IRA, please mail your check by Dec. 18 in order to give us time to process your gift before the end of the year.
No. Under the law, you can give a maximum of $100,000 per year. 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. However, if you have a spouse (as defined by the IRS) who is 70.5 or older, they can also give any amount up to $100,000 from their IRA.
Unfortunately, the law does not permit using a qualified charitable distribution to establish a charitable gift annuity or a charitable remainder trust.
By making a gift this year of any amount up to $100,000 from your IRA, you can see your philanthropic dollars at work. 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 made by transferring that amount from your IRA as long as it is $100,000 or less for the year. By making immediate gifts from your IRA and making UNH the beneficiary of the remainder after your lifetime, you are blending a beautiful gift that works for students NOW and LATER.
For Those 59.5 Years Old or Older
If you’re at least 59.5 years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.
At Any Age
No matter your age, you can designate UNH as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple, just requiring that you contact your IRA administrator for a change-of-beneficiary form OR download a form from your provider’s website.
Important:
It’s critical to let us know of your gift because many popular retirement plan administrators assume no obligation to notify a charity of your designation. The administrator also will not monitor whether your gift designations are followed. We would love to talk to you about your intentions to ensure that they are followed.
Next Steps
- Contact UNH's Office of Gift Planning for additional information on making your IRA Charitable Rollover and/or beneficiary designation so we can help you direct your gift to the UNH cause that means the most to you.
- Discuss the giving options with your personal advisors to be sure the gift vehicles you choose are the right fit for you.
- Please let us know if you have made this gift to UNH in your estate plans, and we would be happy to recognize you in our Thompson Society, a special community of forward-thinking UNH alumni and friends who have created their legacy here. It is important to complete simple documentation with UNH to ensure we honor your wishes down the line.
Please feel free to share the sample bequest language below with your attorney:
Sample Language"I give to the University of New Hampshire Foundation, Inc., at 9 Edgewood Road, Durham NH 03824, a New Hampshire nonprofit corporation, or its successor, Federal Tax Identification Number 02‐0437506, [insert here a description of the particular property]."
Please use and share the following legal information with your trusted advisors.
Legal Name: The University of New Hampshire Foundation, Inc.
Address: 9 Edgewood Road, Durham NH 03824
Tax ID: 02‐0437506
We're here to help you!
Please contact the UNH Office of Gift Planning with your questions.
Email: gift.planning@unh.edu
Phone: (603) 862-3694
Welcome to the Thompson Society!
During the Celebrate 150 Campaign (2012-2018), more than 200 families made planned gifts to UNH, ranging from $10,000 to millions of dollars, which have already started to have an impact on future generations. But the story of legacy goes back to the origins of UNH when Benjamin Thompson left his farm and other assets to establish what would ultimately become the Durham campus of the University of New Hampshire.
The Thompson legacy has impacted hundreds of thousands of lives, and yours can, too.
As a legacy donor, you'll become a member of the Thompson Society, a distinguished group of supporters who have documented planned gifts to UNH. The UNH Office of Gift Planning will work with you to explore options that best meet your philanthropic goals and timeline--whether you wish to make an immediate impact, generate income with your gift, or make gifts through your will.
We look forward to welcoming you to this prestigious membership of generous donors providing support to generations of Wildcats to come, and we are honored to work with you to create your UNH legacy.
