Make a Gift Tax-Free With an IRA

If you’re 70½ or older, you have a special opportunity to support University of the Cumberlands through your IRA while enjoying significant tax advantages.

You can give any amount—up to $108,000 per year—directly from your IRA to a qualified charity like the University without paying income taxes on the transfer. This giving option is often called the IRA Charitable Rollover or a Qualified Charitable Distribution (QCD).

Why This Gift Makes Sense

  • Immediate impact: Your gift goes to work right away, helping students and programs you care about.

  • Meet your RMD: If you’re 73 or older, your gift can satisfy all or part of your required minimum distribution (RMD).

  • Tax benefits for you:

    • No income taxes on the transfer—so you benefit even if you don’t itemize deductions.

    • The gift doesn’t count as income, which may lower your Medicare premiums and reduce how much of your Social Security benefits are taxed.

This is one of the simplest and most tax-efficient ways to make a lasting difference at Cumberlands.

Frequently Asked Questions

No. You must be 70½ by the date you make the gift.

Yes—but only direct gifts from an IRA qualify for this special giving opportunity.

However, in some cases, you may be able to roll assets from a pension, profit-sharing plan, 401(k), or 403(b) into an IRA. Once the rollover is complete, you can then make your gift from the IRA directly to University of the Cumberlands.

To find out if this option is available for your plan, simply contact your plan administrator for details.

Yes, absolutely. Beginning in the year you turn 73, you can use your gift to satisfy all or part of your RMD.

No. You can give any amount under this provision, as long as it is no more than $108,000 per year. If your IRA is valued at more than $108,000, you can transfer a portion of it to fund a charitable gift.

We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing features on your IRA, please be aware that your check must clear your account by Dec. 31 to count toward your required minimum distribution for the calendar year.

No. Under the law, you can give a maximum of $108,000 per year. For example, you can give each organization $54,000 this year or any other combination that totals $108,000 or less. Any amount of more than $108,000 in one year must be reported as taxable income.

If you have a spouse (as defined by the IRS) who is 70½ or older, they can also give any amount up to $108,000 from their IRA.

Yes! If you are 70½ or older, you may now make a one-time election for a qualified charitable distribution of up to $54,000 (without being taxed) from your IRA to fund a life-income gift. Some limitations apply, so contact us for more details and a personalized illustration at no obligation.

By making a gift this year of any amount up to $108,000 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 $108,000 or less for the year.

For Those 59½ Years Old or Older

If you’re 59½ or older, you can take a distribution from your IRA and then make a gift to University of the Cumberlands without any penalty.

And if you itemize deductions, you can also claim a charitable deduction for the amount of your gift—making this a simple, tax-smart way to give.

At Any Age

At any age, you can name University of the Cumberlands as the beneficiary of all or a percentage of your IRA. After your lifetime, these assets will transfer tax-free to support our mission.

Making this gift is simple:

  • Contact your IRA administrator for a change-of-beneficiary form, or

  • Download the form directly from your provider’s website.

Important Tip: Be sure to let us know about your gift. Most retirement plan administrators do not notify charities about beneficiary designations and will not monitor whether your wishes are carried out. By sharing your plans with us, we can ensure your gift is used exactly as you intend—and thank you for your generosity.

Location

6191 College Station Drive Williamsburg, KY 40769

Phone Number

606-539-3571

Email address

[email protected]

Next Steps

  • Contact Tyler Smith at 606-539-3571 or [email protected] to discuss using your IRA to support Cumberlands and our mission.
  • Seek the advice of your financial or legal advisor.
  • To include Cumberlands in your plans, please use our legal name and federal tax ID. Please let us know of your gift (many retirement providers assume no responsibility for letting nonprofits know of your intentions so your goals won’t be honored).

Legal name: University of the Cumberlands, Inc.
Legal address: 6191 College Station Drive, Williamsburg, KY 40769
Federal tax ID number: 61-0470593

Bequest of Specific Dollar Amount or Percentage of an Estate 
“I hereby, give, devise, and bequeath $ DOLLARS, or ___% PERCENTAGE of my estate to University of the Cumberlands,  a nonprofit organization located at 6191 College Station Drive, Williamsburg, KY,  40769 Federal Tax ID #61-04710593, for its general use and purpose.” 
 
 
 
Bequest of Specific Personal Property 
“I hereby, give, devise, and bequeath (DESCRIPTION OF PROPERTY) to University of the Cumberlands, a nonprofit organization located at 6191 College Station Drive, Williamsburg, KY,  40769 Federal Tax ID #61-04710593, for its general use and purpose.”