If you are 70½ years old or older, you can take advantage of a simple way to benefit the Sigma Phi Epsilon Educational Foundation and receive tax benefits in return. You can give any amount up to $100,000 per year from your IRA directly to a qualified charity such as SigEp without having to pay income taxes on the money.

This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution (QCD).

Why consider an IRA 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 deductions.
• If you reached the age of 70½ on or before Dec. 31, 2019, you can use your gift to satisfy all or part of your required minimum distribution for the year. If you turn 70½ on or after Jan. 1, 2020, you can use your gift to satisfy all or part of your required minimum distribution starting at the age of 72. (Note: The RMD requirement has been waived for 2020, per the CARES Act signed into law on March 27, 2020.)
• Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.

What do I need to do to make my gift?

Contact your IRA custodian to make the request or utilize our form letter to mail your request.

For questions, contact Korey Gardner, Director of Advancement Services at korey.gardner@sigep.net or 804.385.7066.