A Tax-Saving Way to Help Mayo Clinic
Make a difference today and save on taxes. It’s possible when you support Mayo Clinic through your IRA.
A Special Opportunity for Those 70½ Years Old and Older
You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as Mayo Clinic without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference at Mayo Clinic. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
Why Consider This Gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making.
- Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
- 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.
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Frequently Asked Questions
No. The legislation requires you to reach age 70½ by the date you make the gift.
Yes. Direct gifts 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 Mayo Clinic. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.
Yes, absolutely. Beginning in the year you turn 72, 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 $100,000 per year. If your IRA is valued at more than $100,000, 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 $100,000 per year. 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.
If you have a spouse (as defined by the IRS) who is 70½ or older, they can also give any amount up to $100,000 from their IRA.
Unfortunately, the law does not permit using a qualified charitable distribution to establish a charitable gift annuity or a charitable remainder trust. However, you can designate some or all of your retirement plan assets to fund a charitable gift annuity or charitable remainder trust after your lifetime. A charitable trust or gift annuity provides lifetime income to your family or other loved ones. When the gift arrangement ends, the balance will support Mayo Clinic.
By making a gift this year of any amount 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.
For Those 59½ Years Old or Older
If you’re at least 59½ years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.
At Any Age
No matter your age, you can designate Mayo Clinic as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple, just requiring that you contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website.
Tip: It’s critical to let us know of your gift because many popular retirement plan administrators assume no obligation to notify a charity of your designation. The administrator also will not monitor whether your gift designations are followed. We would love to talk to you about your intentions to ensure that they are followed. We would also like to thank you for your generosity.
Make a Distribution to Mayo Clinic Through Your Donor Advised Fund
If you have a donor advised fund with another provider, please consider making a distribution to Mayo Clinic or listing us a final beneficiary. You may request an immediate distribution utilizing the tool below.
Take Action! Visit Your Fund
1. Recommend a grant
2. Impact Mayo Clinic
This search tool will open a third-party website, owned and operated by an independent party. We assume no responsibility for the material.
- Use our tool Take Action! Give From Your IRA to connect to your retirement provider.
- Contact Mayo Clinic Office of Gift Planning at 1-800-297-1185 or firstname.lastname@example.org to discuss using your IRA to support Mayo Clinic and our mission.
- Seek the advice of your financial or legal advisor.
- To include Mayo Clinic 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: Mayo Clinic
Legal address: 200 First Street SW, Rochester, MN 55905
Federal tax ID number: 41-6011702
Not Sure How to Begin Planning?Download our FREE Personal Estate Planning Kit
Get Your Free Kit
You can make a big difference with just a little effort by including a gift to benefit Mayo Clinic your will or living trust. Learn more in our free kit Transforming Care With a Gift to Mayo Clinic.
Be Our Partner for the Future
Learn how you can become a member of The Mayo Legacy in our guide Planning Your Philanthropic Legacy: Estate Giving at Mayo Clinic.
Get Your Free KitLearn more about making a gift through your IRA in our FREE guide A Tax-Smart Way to Give Through Your IRA.
Contact the Mayo Legacy
Jess Nelson LeMay
TML Phone: 1-844-330-5855
TML E-Mail: TheMayoLegacy@mayo.edu
Information contained herein was accurate at the time of posting. The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Mayo Clinic policies may impact gift acceptance, gift structure, and options available. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.