There is great news for seniors interested in making a charitable gift to The Woodstock Academy, due to a recent tax code amendment that includes a permanent extension of the IRA charitable rollover. Donors age 70½ or older can now make tax-free charitable gifts of up to $100,000 per year directly from their Individual Retirement Accounts to eligible charities, including colleges, universities and independent schools like WA.
Taxpayers age 70½ and older are required to take annual distributions from their IRAs, which then are included in their adjusted gross income and subject to tax. The IRA charitable rollover permits taxpayers to make donations directly to charitable organizations from their IRAs without counting them as part of their AGI. This rollover distribution counts toward the required minimum distribution for IRA holders.
To make a gift to The Woodstock Academy using the IRA charitable rollover:
WA Office of Advancement
c/o Jonathan Sturdevant
57 Academy Road
Woodstock, CT 06281
For more information, contact the WA Office of Advancement at (860) 928-6575 ext. 1146.