Q: How old must I be to make an IRA rollover gift?
A: You must be at least 70 ½ years of age on the date the gift is made.

Q: When can I make an IRA rollover gift?
A: From now until December 31, 2011.

Q: Can I make an IRA rollover gift to any charity?
A: Yes, any qualified US charitable organization including Skidmore College.

Q: Are other retirement plans (i.e. 401(K) plans) eligible?
A: No, only “traditional” IRAs and Roth IRAs.

Q: Can I use my IRA rollover gift to fund a charitable gift annuity?
A: No. Gifts must be outright, and made directly to the charitable organization.

Q: How much can I give from an IRA rollover gift?
A: Up to $100,000 per tax year, per donor.

Q: Will I have to pay income tax on the IRA withdrawal?
A: No.  That is a very attractive feature of this tax legislation.

Q: Will I receive a charitable tax deduction for this type of gift?
A: No.  But you will have the pleasure of seeing your gift at work now instead of as part of your estate plan.

Q: Can I use my IRA mandatory annual withdrawal to make this type of gift?
A: Yes, the gift will satisfy required minimum withdrawals.

Q: How do I actually make this gift happen?
A: Notify the institution where you have your IRA account and tell them you want to make a “charitable IRA rollover” to transfer a specific amount (not to exceed $100,000) to Skidmore College. The check should come directly to Skidmore, not to you. Click here for a sample letter to send to your IRA administrator.

Q: Can I use an IRA rollover gift for any purpose at Skidmore (annual fund, endowed fund, etc)
A: Yes, and your gift can be designated as you wish.

Q: Even if I can’t make an IRA rollover gift, is it still advantageous to leave IRA assets to charity?
A: Yes. The amount left to Skidmore can qualify for an estate tax charitable deduction. Plus, Skidmore will not pay income tax on the received IRA assets, which your heirs would have to do.

Q: How do I arrange for IRA assets to go to Skidmore as part of my estate plan?
A: Request a beneficiary designation form from your IRA administrator.

Q: Who can I contact for more information?
A: Skidmore’s Gift Planning Office: 518-580-5655 or bmartin@skidmore.edu