IRA Charitable Rollover
- If you turned 70 ½ in 2019 or earlier, or if you turned 72 in 2020 or later, you can make a contribution to a qualified charity directly from your IRA and count your gift towards your annual required minimum distribution. Your distribution is not recognized as income on your federal income tax return.
- Your gift must be complete on or before December 31 of the calendar year in which you choose to utilize the IRA Charitable Rollover gift vehicle for tax purposes. Generally, if sent by US mail, the postmark determines the date of gift; if sent via cash wire, date of gift is determined by the date the funds reach NRF’s account.
- Your gift must be made to a qualified public charity, such as the Natural Resources Foundation of Wisconsin (NRF).
- Distributions must be made directly from your IRA to NRF. Do not withdraw the funds yourself and pass them on to NRF or your gift will not qualify for the IRA Charitable Rollover and will be included in your taxable income.
- You can only make outright gifts. The IRA Charitable Rollover cannot be used to fund life income gifts (such as charitable gift annuities or charitable reminder trusts).
What are the advantages of making an IRA Charitable Rollover Gift?
- You can count your gift towards your annual required minimum distribution.
- Your distribution is not recognized as income on your federal income tax return. Note: you cannot take a federal income tax charitable deduction for your gift.
- Under current federal tax laws, keeping your IRA distribution out of your adjusted gross income may save you taxes.
- The transfer process is quick and requires minimal paperwork.
Employer-sponsored retirement plans, such as SEP IRAs, SIMPLE IRAs, 401(k)s, and 403(b)s are generally not eligible for the IRA Charitable Rollover. Some states may determine that IRA Charitable Rollover gifts are includable as income for state and local tax purposes.
How to Make Your Gift
Instruct your IRA administrator to mail a check directly to NRF (payable to NRF) to:
Natural Resources Foundation of Wisconsin
Attn: Camille Zanoni, Director of Philanthropy
211 S Paterson Street, Suite 100
Madison, WI 53703-4530
Please make sure that your administrator encloses a letter along with your check stating: your name; the purpose of your gift (e.g. Conservation Steward Society); and notes that it is a qualified charitable distribution from your IRA. This information can also be stated in the memo line of your check.
BY CASH WIRE
If your IRA administrator prefers to make a cash wire transfer from your retirement account to NRF, please fill out the wire transfer letter and ask him/her to contact
Camille Zanoni at: Camille.Zanoni@wisconservation.org or (608-409-3112)
BY SECURITIES TRANSFER
DTC Participant Number: 2663
Agent Internal Account #: 20075-D
Interested Party AC # 1: NRF of WI 882292401
If you are transferring a mutual fund to the Natural Resources Foundation, please contact us at (866) 734-1485 or Info@WisConservation.org so we can secure the appropriate account number specific to your mutual fund from TIAA.
For Questions, Please Contact:
Institutional Trust Administrator
TIAA Financial Services
211 North Broadway, Ste. 1000
St. Louis, MO 63102-2733
The Natural Resources Foundation of Wisconsin does not provide legal or tax advice. Please consult your own legal and tax advisors in connection with gift and planning matters.
Director of Philanthropy
(608) 409-3112, extension 1012
Camille leads the Foundation’s development efforts and helps raise support for Wisconsin’s priority conservation needs through annual, endowed, and planned giving.