Plan Today to Transform Tomorrow

Retirement planning is often about ensuring security for the years ahead. 

One of the most meaningful—and tax-wise—ways to make a lasting impact is by designating retirement plan assets to the College of Optometry as part of your overall planning. 

Retirement funds directed to family members, other than a spouse, are often subject to a high level of both federal and state income taxes. When you designate your retirement plan to the university, your assets can avoid taxation and Ohio State receives 100% of the retirement plan assets. Leaving other assets to heirs maximizes the impact of your  gift to family and to Ohio State.

Benefits

• Avoids Income tax
• May reduce estate tax
• You can designate gifts for the Ohio State program of your choice

When you name the college as a beneficiary of your retirement account, the full value of the gift can support scholarships, faculty excellence, research initiatives or the programs that matter most to you. Every dollar you designate has the potential to go further. 

A Special Opportunity for Those 70½ Years Old and Older

You can give any amount (up to a maximum of $111,000) this year from your IRA directly to a qualified charity such as The Ohio State University College of Optometry. To qualify, you must be age 70½ or older on the date of the gift and the transfer of funds must come directly from an eligible IRA to Ohio State.

Why Consider This Gift?

• Your gift will be used today, allowing you to see the impact of your gift now.
• If you have to take a required minimum distribution (RMD), you can use your gift to satisfy all or part of your obligation.
• 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.

Use your IRA to Fund a Charitable Gift Annuity 

You can fund a charitable gift annuity with a qualified charitable distribution (QCD) from your IRA. With this vehicle, your contribution is not reported as taxable income in the year of the distribution. Instead, the annual payments from your charitable gift annuity are taxed as ordinary income when received. A charitable gift annuity funded by a QCD does not qualify for an income tax charitable deduction. 

Funding a charitable gift annuity with a QCD from your IRA is available in one tax year only. A taxpayer may use a QCD to fund one or more charitable gift annuities in the single tax year, but the combined limit is $55,000 (indexed for inflation) per taxpayer. A QCD may only be completed by an individual age 70½ or older. The life income beneficiaries for a charitable gift annuity funded by a QCD may only include you and/or your spouse. 

The donor of an IRA rollover gift is not eligible to receive any benefits or privileges in return for the gift, including, but not limited to, membership in a donor society and athletic ticket points and benefits. The Ohio State University Foundation does not provide legal, tax or financial advice to its donors or their advisors. We encourage you to review your gift plans with your legal and tax advisor to determine the best plan for you.