Why I Give from My Individual Retirement Account (IRA)

Carol Carmody

Carol Carmody '60

By Carol Carmody '60

I am at the stage in life where I must take an annual required minimum distribution (RMD) from my IRA. The distribution counts as income and, of course, is taxable. However, I can use my IRA to not only support McGehee, but also keep my taxable income low.

If you are 70½ or older, you can make a gift using your IRA to support McGehee through the IRA charitable rollover. This allows me to transfer any amount up to $100,000 directly from my IRA to a charitable institution such as Louise S. McGehee School. This gift doesn't count as income, allowing me to benefit from my gift, regardless if I itemize on my taxes.

There are two ways you can make this gift:

  1. Work with your administrator to start the transfer from your account to the institution you wish to support.
  2. If you have check writing privileges on your IRA account, mail in your check by December 20 so McGehee's can process it before the year ends.

Carol Carmody '60 is a true McGehee Leading Woman. A former chair of the National Transportation Safety Board before her retirement from federal service in 2005, Carol was responsible for committing NTSB resources to assist the FBI and other agencies in recovery and identification of aircraft parts and victims after September 11.

Carol has 30 years of experience in the aviation community, including serving for five years as the U.S. representative to the Council of International Civil Aviation Organization (ICAO). She was instrumental in persuading ICAO to establish a safety oversight program to assess states' effective implementation of ICAO standards. This was a first at ICAO and the results have improved safety around the world.

She now lives in Washington, D.C., and enjoys traveling, playing tennis, attending the opera and the company of dogs.