Required Minimum Distributions from Your IRA

If you are 72 and have a tax deferred retirement plan, like a 401(k) or a traditional IRA, you must take a Required Minimum Distribution (RMD)  each year. You may want to consider using your forced distribution to make a gift to The Prep instead of paying the otherwise due federal taxes on it. Many alumni use this now permanent law to their advantage by reducing their Adjusted Gross Income (AGI) which could reduce their cost for Medicare and prescription drug coverage. So, you can help The Prep AND minimize your tax exposure this year. Please consult with your financial planner.

Here is an example of a Prep alumnus - Jeff Gausepohl '61 - who has been using his Required Minimum Distribution (RMD) from his IRA for several years now to help strengthen The Prep and minimize the federal taxes due on his required IRA distribution.

For more information about making a gift through your IRA or 401(k) to satisfy your Required Minimum Distribution (RMD), please contact Matt Cannizzo '90 at or at (973) 736-6861.

© 1856-2019 Seton Hall Prep.  All Rights Reserved.