IRA

The now permanently-extended IRA Charitable Rollover law allows individuals 70½ or older to give up to $100,000 directly from their IRA to one or more qualified charities without paying federal income tax on the withdrawal. Donors who wish to make a gift to benefit Junior Achievement may choose to make a qualified charitable distribution from their IRA.

IRA Charitable Rollover details

  • Donors must be age 70½ or older at the time the gift is made.
  • Only traditional IRAs are eligible. However, owners of other types of qualified plans may roll assets into a new IRA to allow them to make gifts if such a rollover is otherwise permitted. Donors should consult their advisor before doing so.
  • Donors must ask their plan administrator to make a direct transfer of funds to a qualified public charity. It is important not to withdraw funds before making a gift.
  • Gifts cannot be used to fund a gift annuity or charitable remainder trust.
  • Each donor may give up to $100,000 per year. For couples, each spouse may give up to $100,000 from their IRA.
  • Distributions made under this law can be used to satisfy the donor’s required minimum distribution (RMD). However, qualified charitable distributions are not limited to the donor’s RMD.
  • Donors can choose to exclude the distribution from income on their federal tax return. If they do, they will not receive a charitable income tax deduction.
  • To qualify for tax-free treatment, donors cannot receive goods, services, or a personal benefit (such as tickets for events) in return for the IRA charitable rollover gift.

To make a gift to Junior Achievement from an IRA, contact your IRA plan administrator and request a direct qualified charitable distribution from the IRA account to Junior Achievement of the Upper Midwest, a 501(c)(3) organization. Our Tax ID number is 41-1424988.Mail the check to:
Junior Achievement of the Upper Midwest
Attn: IRA Gift Processing
1745 University Ave West
St. Paul, MN 55104

Please contact Junior Achievement to inform us of your gift (see sample letter).
Download a PDF sample form to provide to your plan administrator.

DISCLAIMER
Information on this website is not intended as legal or tax advice. For information on how any gift may affect your tax situation, please consult with your professional advisor.

Questions? Contact LaChelle Williams, SVP of Development, at 651.255.0031 or lachelle@jaum.org.