2) IRA Charitable Rollover
If you are 70 ½ or older, you may be interested in lowering the income and taxes from your IRA withdrawals. An IRA charitable rollover gift allows you to avoid taxes on IRA withdrawals, satisfy your required minimum distribution for the year, reduce your taxable income and make a gift for Texas A&M that is not subject to the 50 percent deduction limits on charitable gifts. By simply contacting your IRA plan administrator and designating a gift be made to the Foundation, your IRA funds will be transferred immediately to benefit the university.
In 2018, Hal Schade ’67 learned that he could give up to $100,000 annually using an IRA charitable rollover gift, which would also cover his minimum distribution. “This provides me with the opportunity to support students and programs in the College of Science and College of Geosciences immediately,” said Schade.