Thanks to recent legislation, you can benefit from a popular tax-advantaged giving option again this year.
Make a gift of up to $100,000 directly from your IRA to the University of Minnesota Foundation (UMF) to support health-related research, education, and care at the University before December 31, 2013, and avoid paying federal income tax on the amount of your gift.
These rules apply to IRA charitable rollovers in 2013:
- Only IRAs are eligible (other types of retirement accounts are not).
- You must be age 70 1/2 or older at the time you make your gift.
- Your gift must come directly from the IRA custodian to UMF.
- You can give up to $100,000 from your IRA to one or more qualified charities in 2013 (and if your spouse has a separate IRA, you can each give up to $100,000).
- Your gift must be outright; it cannot be used to fund a charitable gift annuity or charitable remainder trust.
While you will not be able to claim a charitable deduction for your IRA rollover gift, you also won’t owe federal income tax on any amount up to $100,000 that you distribute to a qualified charity.
To learn more, contact Jay Kautt at the University of Minnesota Foundation at 612-626-0510 or email@example.com.