Today Magazine Winter 2020 - Page 27

See the Impact of Your Generosity Today I Make a Tax-Free Gift From Your IRA f you are 70 ½ years or older, you can take advantage of a simple way to help our students and receive tax benefits in return. You can give any amount up to $100,000 per year from your IRA directly to Gwynedd Mercy University without having to pay income taxes on the money. Why Consider This Gift? ▶ ▶ Your gift will be put to use today, allowing you to see the difference your donation is making. ▶ ▶ You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your tax deductions. ▶ ▶ If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement. For more information on how to make a meaningful impact on GMercyU for years to come, visit gmercyu.edu/giving or contact Jill Dow at dow.j@gmercyu.edu or 215-542-4661. The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.