Did you know that giving through your IRA or 401K may help you save on taxes while providing support to MVUUF? If you are 70½ or older and have an IRA or 401K, you are probably familiar with Required Minimum Distributions (RMD). Each year after you reach 70½, the IRS requires you to withdraw an amount based upon your age from your IRA or 401K whether you need the funds or not, and you pay income tax on that withdrawal. An IRA Charitable Rollover can be used to meet all or part of a required minimum distribution. The transfer does not generate taxable income, so you benefit even if you do not itemize your deductions, and you can use rollovers to pay your pledge. Contact Treasurer Dale Lewellyn dalelewellyn@gmail.com if you would like information about how to do this, and be sure to notify me if you make a rollover to ensure credit to your pledge as the funds will be sent directly by your plan administrator to MVUUF.
