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  • 1.  IRA receipt language

    Posted 21 days ago
    Hi, all,

    In reviewing older threads re: IRA distribution receipt verbiage and comparing it to our current receipt template, I'm inclined to crowd-source an answer on whether or not the following is advisable to include in our receipt:

    "Please note that you may exclude the qualified gift amount from your taxable income, but if you do so, you may not also claim the gift amount as a charitable deduction on your 2021 tax return. The qualified gift amount may also count towards your required minimum distribution (RMD) for 2021."

    We do include a statement about consulting your own tax advisors and the rest of our letter seems to fall in line with what other institutions include, but this paragraph seems to teeter on the brink of being tax advice. In the spirit of not including more than what we need to tax advice-wise, should we remove this?

    Thanks,
    Marie



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    Marie Loson
    Director of Advancement Services
    SUNY Potsdam
    losonme@potsdam.edu
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