FundSvcs Community

Need some direction as to what is being told to our donors by financial advisors with regard to IRA rollovers. They are being told that if a financial institution sends a check directly to the institution, they do not pay taxes on the money but they also don't get a deduction. They also said that we have to indicate in our receipt that the gift was from an IRA which will then be a sign to them that the gift is not income and is not a tax deduction. That it doesn't matter if the gift is a QCD or a RMD. This is contrary to what I have always understood. Is anyone able to help me clear this up? *Bev* Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 *You miss 100 percent of the shots you never take*. - - Wayne Gretzky *Proud member of the Association of Advancement Services Professionals (AASP) **www.advserv.org* <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org <http://www.aprahome.org>*

There are 2 types of IRA distributions - RMDs and QCDs. For a QCD the donor does NOT pay taxes - but they also do not claim a deductible gift. If an RMD they DO pay taxes and CAN claim a deductible gift. Both require a receipt that reflects what sort of distribution you received. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Mon, Feb 11, 2019 at 3:35 PM Beverly Lyles <blyles@snu.edu> wrote: > Need some direction as to what is being told to our donors by financial > advisors with regard to IRA rollovers. They are being told that if a > financial institution sends a check directly to the institution, they do > not pay taxes on the money but they also don't get a deduction. They also > said that we have to indicate in our receipt that the gift was from an IRA > which will then be a sign to them that the gift is not income and is not a > tax deduction. That it doesn't matter if the gift is a QCD or a RMD. > > This is contrary to what I have always understood. Is anyone able to help > me clear this up? > > *Bev* > Beverly Lyles, MA > Southern Nazarene University > 6729 N.W. 39th Expressway > Bethany, OK 73008 > 405-491-6606 > > *You miss 100 percent of the shots you never take*. - - Wayne Gretzky > > *Proud member of the Association of Advancement Services Professionals > (AASP) **www.advserv.org* > <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* > and the Association of Professional Researchers for Advancement (APRA) > www.aprahome.org <http://www.aprahome.org>* >

IRA rollovers do require a special receipt indicating that you received the donation directly from the account administrator and it did not pass through the account holder. After that, the treatment is between the donor and their tax advisor. And I am not involved. Aaron Aaron Forrest CPA Senior Director Gift and Donor Services University of Rochester Office of Advancement Larry and Cindy Bloch Alumni and Advancement Center 300 East River Road Rochester NY 14627 Office 585.275.2799 / Fax 585-273-4558 Email aaron.forrest@rochester.edu [Description: Description: Description: cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> P Please consider the environment before printing this email. Confidentiality Notice: This message, including attachments may contain confidential information. Any unauthorized use, disclosure or distribution is prohibited. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Beverly Lyles Sent: Monday, February 11, 2019 3:35 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: [FUNDSVCS] IRA Rollovers Need some direction as to what is being told to our donors by financial advisors with regard to IRA rollovers. They are being told that if a financial institution sends a check directly to the institution, they do not pay taxes on the money but they also don't get a deduction. They also said that we have to indicate in our receipt that the gift was from an IRA which will then be a sign to them that the gift is not income and is not a tax deduction. That it doesn't matter if the gift is a QCD or a RMD. This is contrary to what I have always understood. Is anyone able to help me clear this up? Bev Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 You miss 100 percent of the shots you never take. - - Wayne Gretzky Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org<https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982> and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=0I_kz_rr-qfdMKUNwKzivsO2f6PJzLvX4FohkuQombs&s=nXtyRLIDtxDVcllGK8GcY_yc3_xXbpF1NEDf6vdh9eA&e=>