IRA Charitable Rollover Contributions

A Tax Savvy Way to Support AWM

See Your Generosity in Action

AWM members who are 70½ years old or older may be able to take advantage of an easy way to benefit the Association for Women in Mathematics and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money.  This federal law, passed in December 2015, no longer has an expiration date so you are free to make annual gifts to our organization this year and well into the future.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March of 2020 temporarily suspends Required Minimum Distributions (RMDs) from qualified retirement plans and IRAs for the calendar year 2020 only.

On December 17, 2019 the Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed by the Senate. One result of this legislation it that the act increases the age at which an individual must begin taking RMDs from 70½ to 72 beginning in 2020.  The year 2020 is now a special case due to the CARES Act.

You still may make Qualified Charitable Contributions (QCDs) from your IRA when you turn 70½. Please consult your tax professional for further information.

Why Consider This Gift?

  •  Your gift will be put to use today, allowing you to see the difference your donation is making.
  • You pay no federal or state 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 have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift may satisfy all or part of that requirement.

A 501(c)(3) Nonprofit

The Association for Women in Mathematics is a registered 501(c)(3) organization and as such can receive a QCD. To make an IRA charitable rollover gift you must have the IRA custodian or trustee write a check to the Association for Women in Mathematics and mail to:

Association for Women in Mathematics
P.O. Box 40876
Providence, RI  02940

Contact AWM at 401-455-4042 (or awm@awm-math.org) with questions.

The AWM is a 501(c)(3) charitable organization and therefore donations to AWM may be tax-deductible. Our Tax ID Number is 23-735-4959.

Meet Joan Hutchinson

Emerita Professor of Mathematics, Macalester College

I am pleased to be able now to use the IRA direct rollover plan to make a contribution to one of my favorite charitable organizations, namely the AWM! In late 2015 Congress made such rollovers of Qualified Charitable Distributions permanent. This plan can make part of a Required Minimum Distribution, for those over age 70.5, transfer easily and directly to a charity and can lessen tax reporting work.

I was “born mathematically” in about the same year as the AWM. I was a graduate student at the University of Pennsylvania, 1969-1973. At that time there was no female mathematician on the faculty, and there wasn’t even a female colloquium speaker in those four years, except for one who was giving a job interview talk for a temporary position (which she got for the year after I graduated). Into that environment came Mary Gray who told the assembled, few women graduate students about her plans to start the AWM – amazing! Ever since, the AWM has been a wonderful resource and support for me. The growth of this organization and its influence is most impressive. This is a fine group, run almost exclusively by volunteers, and one that I am pleased to support.

Frequently Asked Questions

A. By making a gift this year of up to $100,000 from your IRA, you can see your
philanthropic dollars at work. You are jump-starting the legacy you would like to leave
and giving yourself the joy of watching your philanthropy take shape. Moreover, you can
fulfill any outstanding pledge you may have made by transferring that amount from
your IRA as long as it is $100,000 or less for the year.

A. No. The legislation requires you to reach age 701⁄2 by the date you make the gift.

A. Yes. Direct rollovers to a qualified charity can be made only from an IRA. Under
certain circumstances, however, you may be able to roll assets from a pension, profit
sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA
directly to AWM. To determine if a rollover to an IRA is available for your plan, speak
with your plan administrator.

A. Yes, absolutely. If you have not yet taken your required minimum distribution, the
IRA charitable rollover gift may satisfy all or part of that requirement. Contact your IRA
custodian to complete the gift.

A. No. You can give any amount under this provision, as long as it is $100,000 or less
this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to
fund a charitable gift.

A. No. Under the law, you can give a maximum of $100,000. For example, you can give
each organization $50,000 this year or any other combination that totals $100,000 or
less. Any amount of more than $100,000 in one year must be reported as taxable
income.

A. If you have a spouse (as defined by the IRS) who is 701⁄2 or older and has an IRA, she
or he can also give up to $100,000 from her or his IRA.

A. No. You must have the custodian or trustee write the check in the exact name of the
charity. The check may be sent directly to the charity or to you and then you send it to
the charity.

Association for Women in Mathematics
P.O. Box 40876
Providence, RI 02940

It is wise to consult with your tax professionals if you are contemplating a charitable gift
under the extended law.