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Development: Retirement Accounts
Between now and December 31, 2007, you have an unprecedented opportunity to make a tax free gift to the University of Portland with money from your IRA.
Last year, Congress passed and President Bush signed legislation which includes a limited-time provision for qualified charitable contributions from Individual Retirement Accounts to charity, sometimes referred to as "Charitable IRA Rollovers". Here's how it works:
- If you are aged 70½ or older, you may transfer up to $100,000 per year directly from an IRA to your favorite charitable organization(s).
- The distribution counts toward your Minimum Required Distribution requirements.
- The distribution does not qualify as a charitable deduction, but you pay no income tax on the amount distributed.
- Because the distribution generates neither taxable income nor a tax deduction, even non-itemizers can benefit (contact the University for further clarification).
The provision includes some limitations. For instance, distributions must be made to qualified charities as defined by federal regulations. And, despite the obvious benefits of this provision, there may be more tax-efficient ways for you to make a gift.
If you are interested in discussing your options under this unique provision, call Doug Hansen or Sharon Hogan, Directors of Planned Giving,using the information to the right. They can provide insight and guidance regarding making a gift to the University, but individuals are always encouraged to seek the advice of their professional tax advisors before deciding on a course of action.