Why We Give to TMC - Dr. Garry & Janice Neltner

Why We Give to TMC – Dr. Garry & Janice Neltner

Garry and Janice Neltner both attended Villa Madonna College, and they are the parents of five children who ALL graduated from Thomas More College as well as the grandparents of two current students. As such, the Neltners understand and appreciate the value and significance of a TMC education. Garry credits his VMC/TMC start with helping to launch his career as a doctor of podiatric medicine.

As if those TMC ties are not significant enough, one of their daughters, Krista (Neltner) Campbell ’90, is a professor of psychology at the College and their son Marc ’85 is the current Chair of the Board of Trustees! Garry and Janice certainly feel blessed by all of their family’s Thomas More experiences and also feel a sense of commitment to continue to give back. Garry has had a real sense of humor when it comes to paying college expenses over the years. One of his favorite sayings is, “It is better to pay it in tuition than bail”!

This year, the Neltners took advantage of legislation that allows individuals aged 70 ½ or older to make outright gifts to charitable organizations, through direct transfers from their IRA, without paying income tax on the distribution. “Now that Congress has passed permanent legislation regarding the charitable IRA rollover, this serves as a convenient way to satisfy our required minimum distribution while helping advance the mission of Thomas More College,” Garry said.

How to use your IRA to help TMC                                                            

On Dec. 18, 2015, Congress passed legislation to make the charitable IRA rollover permanent. People aged 70½ and older have a special tax-free opportunity to make a meaningful charitable gift annually to Thomas More College.

How it works

This legislation allows individuals aged 70 1/2 or older to make outright (immediate) gifts of up to $100,000 to qualified charitable organizations through direc

t transfers from their IRAs without paying income tax on the IRA distributions. If you are able to take advantage of this opportunity, you can improve your overall tax situation while helping us continue to meet our goals and achieve our vision for the future of the college and its students.

You can make a direct transfer if:

  1. You are age 70 1/2 or older on the day of the gift.
  2. You transfer up to $100,000 directly from your IRA. (This opportunity applies only to IRAs and not other types of retirement plans.)
  3. You transfer the funds outright to Thomas More College.
  4. You make your gift by Dec. 31, 2017.

Benefits of an IRA direct transfer:

  1. The transfer generates neither taxable income nor a tax deduction, so you can benefit even if you do not itemize your tax deductions.
  2. The transfer may count against your unsatisfied required minimum distributions.
  3. You may transfer up to $100,000 directly from your IRA, which allows you to make a significant gift and gives you the flexibility to create an improved tax situation.
  4. Along with creating a powerful legacy, you can witness the benefits of your gift to the college now.
  5. It’s simple to do. Just call your IRA administrator to make the transfer.