IRA Charitable Rollover
The IRA Charitable Rollover is back for 2012 and 2013 - Act Now!
Donors age 70½ or older are once again eligible to make gifts up to $100,000 from their IRAs directly to Springfield College without the distribution being included in taxable income. You may make a 2013 IRA gift any time during this year. Congress recognized the lateness of the extension and provided two special transition rules:
- 1.) Qualified distributions made by February 1, 2013 may be counted retroactively for the 2012 tax year.
- 2.) Any taxpayer who took a distribution from an IRA in December 2012 can make a contribution to a qualified charity such as Springfield College prior to February 1, 2013 and treat this as a direct transfer.
Gifts made directly from your IRA will count toward any minimum distribution you may have to take. Furthermore, while such gifts will not be included as income for tax purposes, donors are not eligible for a federal income tax deduction for the gift from an IRA. You should discuss the impact of this new legislation with your financial and legal advisors to ensure compliance with this “breaking news”. Please feel free to contact the Development Office at 800-622-6072 if you would like additional information.
Contact the Office of DevelopmentCall the Office of Development at 800.622.6072.