Charitable IRA Rollover
For people age 70½ or older, the Charitable IRA Rollover is a tax-wise way to give to the Texas Tech University System and its universities.
What is a Charitable IRA Rollover?
Beginning at age 70½, people with an Individual Retirement Account or IRA are required to withdraw a minimum amount from their account every year. This is known as the required minimum distribution.
The required minimum distribution is taxed as income. People who do not need the income or who wish to reduce their tax liability can meet the required minimum distribution by transferring funds from their IRA to a charity. This way of giving is called a Charitable IRA Rollover.
What you need to know
Charitable IRA Rollover gifts are easy to make, but there are a few requirements.
- Donors must be age 70½ or older.
- Funds must come from a traditional IRA account.
- Your gift must go directly to the charity. You cannot cash it out first.
- Your IRA administrator can process the transfer for you.
- The maximum contribution is $100,000.
- The Charitable IRA Rollover is now a permanent giving option, available year-round.
Your gift, your choice
When you make a Charitable IRA Rollover gift to the Texas Tech University System, you choose where your gift will make an impact. Your gift can be used to support an existing scholarship or faculty endowment. It can also be unrestricted to support one of our four universities or designated to support a specific college or area of study.
Charitable IRA Rollover gifts may also be used to pay a pledge or be counted toward the minimum gift required to establish a new endowment.
Making your gift
To make a Charitable IRA Rollover gift, simply contact your IRA administrator to initiate the transfer directly to the Texas Tech Foundation.
Our professional gift planning team is available to answer questions and help you and your advisers realize your financial and philanthropic goals.