Through the end of 2013, U.S. IRA owners age 70½ and older may take advantage of the IRA charitable rollover provision. This provision allows U.S. individuals to make federally tax-free distributions of up to US$100,000 from an IRA to qualified charitable organizations, such as the IEEE Foundation. Charitable distributions from an IRA may be used to satisfy the annual required minimum distribution (RMD).
Details of the Provision:
- Donors must be age 70½ or older on the date of the distribution
- A maximum of US$100,000 per year per taxpayer may be distributed to qualified charitable organizations
(Couples with separate IRAs can each gift up to US$100,000 per year)
- Distributions must be transmitted directly from your IRA's plan administrator to the charity before the end of 2013
- Distributions to charity may be applied to satisfy required minimum distribution (RMD)
- Receipt from the charity is required for a donor to substantiate a charitable IRA distribution
- Donors may not receive any personal benefit in exchange for the distribution
- Opportunity for IRAs only, it does not apply to other forms of retirement plans such as 401(k), 403(b)
- Because no income is reported on the donor's tax return, donors do not receive a charitable income tax deduction for the distribution
Making the Gift is Easy
Instruct your IRA manager to distribute funds directly to one or more of the IEEE Foundation's 130+ funds. Distributions should be made payable to the “IEEE Foundation – Name of the Fund ”. To ensure you receive proper acknowledgement for your contribution, share your intentions with the IEEE Development Office.
IEEE Foundation, Incorporated
Employer Identification Number (EIN)
For more information, or to hold a confidential discussion, please contact:
Director, IEEE Foundation Operations
445 Hoes Lane
Piscataway, NJ 08854, U.S.A
Phone: +1 732 562 3860
The information on this site is for educational purposes only and is not intended as legal, tax or investment advice. If you are considering a planned gift to the IEEE Foundation, we highly recommend you consult with your tax and legal advisors to determine the best options for you.