A welcome sign has come out of the U.S. Congress and has been sent to the President’s desk in the form of a new spending and tax law package, which includes an IRA charitable rollover. The rollover is retroactive to January 1, 2015, meaning individuals can take advantage of tax savings on charitable donations on their 2015 returns.

“These developments have a significant effect on the impact that individuals can make by donating straight from an IRA account. Sterling College is blessed by a support network of alumni, friends and individuals who value the discernibly different education that our students receive,” said Scott Rich, president.

This comes as refreshing news for individuals who are looking to make year-end gifts, but are required to take the minimum distributions from their traditional (pre-tax) individual retirement accounts in order to do so.

With the IRA charitable rollover, once an individual reaches age 70 ½ they can make direct gifts of up to $100,000 per year to charity from their IRA account. The end result is if an individual itemizes deductions on their 1040 personal income tax return, they will come out ahead by making gifts this way instead of taking withdrawals from their traditional IRA, paying income taxes and then making a gift to charity.

“Sterling has so many wonderful alumni and friends who support our mission.  This is an easy asset for anyone age 70 ½ or older to give that brings significant tax benefits as well to the giver,” said Sheila Bird, director of planned giving.

Sterling College is a Christ-centered, four-year college located in Sterling, Kansas, with a mission to develop creative and thoughtful leaders who understand a maturing Christian faith. For more information, visit www.sterling.edu.