Taxpayers age 72 or older may make a qualified charitable distribution (“QCD”) of up to $100,000 per year from an Individual Retirement Account (“IRA”) directly to the OU Foundation without incurring income tax on the withdrawal.[1]
?The tax exclusion applies to traditional IRAs and Roth IRAs only. Other forms of retirement plans such as 401(k), 403(b), defined benefit and contribution plans, profit-sharing plans, Keoghs and employer-sponsored SEPs, and SIMPLE plans are not eligible.
Note that a QCD gift from an IRA cannot be used for seating priority gifts.
Please contact your Sooner Club Representative or our office to ensure that your gift is allocated appropriately.
[1] Make sure to consult your tax advisor if you wish to make a QCD from your IRA in the same year you make an IRA contribution, as limitations may apply.