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Giving Home > Donor Stories > Reduce Your Taxes with an IRA Charitable Rollover Gift

Reduce Your Taxes with an IRA Charitable Rollover Gift

Margaret was a retired librarian who found joy in giving back. She volunteered at Utah Valley University (UVU) several times a week and made regular donations to support the UVU Fulton Library. But as her taxes began to rise, Margaret started wondering how she could continue doing the extra things she loved, like making charitable gifts, while living on a more limited income.

  • Margaret: "I've been fortunate to make annual gifts to UVU, a place that means a lot to me. This year, my financial advisor reminded me that since I'm turning 73, I'll need to begin taking required minimum distributions from my IRA. He also mentioned that with my income increasing, my tax rate would go up too."

Looking for a way to manage her taxes while continuing to support UVU, Margaret reached out to the university's gift planning office. She learned that she could make a qualified charitable distribution (QCD), also known as an IRA charitable rollover, by transferring funds directly from her IRA to UVU.

This strategy would allow her to reduce her taxable income while making a meaningful gift.

Individuals age 73 and older are required to take minimum distributions from their IRAs each year. With an IRA charitable rollover, they can transfer up to $111,000 annually directly to a nonprofit like UVU, and the gift counts toward their required minimum distribution without increasing their taxable income.

Margaret contacted her IRA custodian and requested a $10,000 transfer directly to UVU.

  • Margaret: "I knew I wouldn't use all the money in my IRA, and I was thrilled to learn that a gift from my IRA could reduce my income taxes this year while helping UVU continue its mission, especially through the incredible work the Fulton Library does to support students."

What is an IRA rollover gift?

If you are 70½ or older, an IRA Charitable Rollover is a smart way to support the mission of Utah Valley University directly from your IRA. It allows you to make a tax-wise gift that satisfies your required minimum distribution and helps UVU continue transforming lives through education.

Is an IRA rollover gift right for you?

Have you calculated what your IRA required minimum distribution will be this year and how it will affect your taxes? If you have questions about how you can benefit from an IRA rollover, please feel free to contact us.

Please note: The information above is representative of a typical donor and may or may not be an actual donor to our organization.