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IRA Charitable Rollover Is Permanent

There is excellent news this year for those who would like to use their IRAs to make contributions to Rush: The IRA charitable rollover, expired and reinstated multiple times in prior years, has been extended permanently.

How the IRA charitable rollover works

The IRA charitable rollover allows individuals ages 70½ and older to donate up to $100,000 from their IRAs to qualified public charities tax-free. It permits donors to transfer money from their IRAs directly to Rush without having to count the distribution as taxable income. IRA rollover gifts can be used to satisfy the required minimum distribution for the given tax year.

Who should consider an IRA charitable rollover?

  • You make charitable gifts but do not itemize deductions.
  • You are subject to the limitation on itemized deductions.
  • You are required to take a distribution from your IRA that you don’t need.

Download a sample letter for an IRA transfer to Rush University Medical Center. [PDF]

Tips for you to consider

  • Consult your tax advisor for advice about your specific circumstances and ask about how the IRA charitable rollover may benefit you, your family and Rush.
  • Make sure that your IRA custodian transfers your gift from your IRA directly to Rush. Refer to this sample IRA transfer letter [PDF] to help simplify the process.
  • The IRA charitable rollover now has no expiration date, meaning you may consider this option for the current tax year and beyond. 

Questions? To learn more or speak to someone about the IRA charitable rollover, please contact the Office of Philanthropy at Rush at (312) 942-6830 or giving@rush.edu.