If you are at least 70½ years old, you can take advantage of a simple, tax-friendly method which allows you to support Oberlin. This method is often referred to as an 'IRA Rollover'. You can give up to $100,000 from your IRA directly to a qualified charity such as Oberlin.
If you are 72 years old or more, this gift counts toward your annual 'required minimum distribution' (RMD). You avoid having to pay income tax on the money, which you would need to do if you distributed the funds to yourself.
Example: David turned 72 last year, and this is the first time he needs to take a required minimum distribution, or RMD, from his IRA. His RMD amount, based on his age and the size of his IRA, is $75,000. David decides to donate $60,000 to charity — $50,000 to Oberlin and $10,000 to his church — and takes the remaining $15,000 as income. To do this, he needs only to direct the custodian of his account to issue the three checks.
Learn more from our IRA Charitable Rollover info sheet.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.