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Development: Retirement Accounts
IRA Tax-Free Rollover: Act before December 31!
If you're age 70 1/2 or older, you can make a direct tax-free rollover of up to $100,000 from an IRA to a qualified charitable organization, like the University of Portland.
President Obama has just reinstated a law that allows you to make a tax-free gift to us from your IRA. If you have already made this type of gift in 2014, you’re in luck! But if you’ve been waiting to make your IRA transfer, you must act right now to take advantage of this opportunity. The following rules apply:
• You must be age 70-1/2 or older at the time of the gift.
• You can give a cumulative total of up to $100,000 per person.
• You can give a total of up to $200,000 per couple (ONLY if both husband and wife have individual IRA's).
• Counts toward mandatory withdrawal amount, if you have not already taken your mandatory withdrawal.
• Distribution is not included in taxable income.
• You transfer funds directly from an IRA to the University of Portland.
• You can transfer the gifts outright to one or more qualified charities, such as UP, but not to supporting organizations, or for gift annuities, charitable trusts or donor advised funds.
• Applies only to IRAs, not other types of retirement accounts.
• The transfer must be completed by December 31, 2014.
Any distributions that were made in the calendar year 2014 — and were transferred directly from the IRA custodian to UP — can be counted toward the RMD and avoid inclusion as taxable income. To make a gift to the University of Portland, contact your IRA custodian directly.
You may also contact Sharon Hogan at 503-943-8677 or firstname.lastname@example.org, who help you with instructions to give to your IRA custodian.