If you have been considering a tax-free rollover gift from your IRA to Maryville Academy, you may find the information below helpful. If you wish to transfer funds by wire, wire transfer information can be received from our Development Office by calling 847-294-1717. A check may be issued to Maryville Academy and mailed to: Maryville Academy, Development Office, 1150 N. River Road, Des Plaines, IL 60016.
Under the law:
- You must be 70 1/2 years of age or older when the distribution is made.
- The transfer must go directly from your IRA to Maryville Academy.
- You may make tax-free transfers from your IRA to a charity or charities totaling up to $100,000 each calendar year. Your spouse may also be eligible to make such gifts up to $100,000 from his/her IRA.
- Gifts from an IRA may only be used to make an outright gift to a qualified public charity, such as Maryville Academy. IRA assets cannot be used to fund a gift annuity, charitable remainder trust, a donor advised fund, or a private foundation.
For further information, please contact Ray Coughlin, Director of Development and Communication, via the link or at 847-294-1717. As a reminder, please contact your tax and legal advisors before making a charitable gift.