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Act Now to Take Advantage of IRA Charitable Rollover for 2014

The Senate just passed HR 5771, the Tax Increase Prevention Act of 2014, which includes an extension through December 31, 2014 of the IRA Charitable Rollover.

President Obama is expected to sign the bill in the coming days.

Due to the short window in which you can complete an IRA Charitable Rollover, we thought it important to share this information with you immediately.

The provision allows individuals age 70½ or older to make tax-free gifts totaling up to $100,000 from a traditional IRA account directly to University of Delaware, provided they are completed by 12/31. If your spouse has IRA accounts, you may each make gifts of up to $100,000 from these accounts. While you cannot claim a charitable deduction for IRA gifts, this distribution from your IRA counts toward your minimum required distribution for the account and does not trigger income tax for you. It is a tax-free transfer from the IRA account directly to University of Delaware.

In order to complete an IRA Charitable Rollover for 2014, please contact your IRA provider for exact instructions. Such transactions usually take a few weeks, but the provider should be able to fast-track such a transaction because Congress and the President acted so late this year. Here's a sample letter of instruction that you can edit and send to your IRA provider. Your provider should tell you the best way to send the letter of instruction so it can be processed in time.

If you need additional assistance, please contact our office. If you do plan to complete an IRA Charitable Rollover for University of Delaware please let us know so that we can look for it. Thank you for considering a gift to support our work this year. Your dedication and support are sincerely appreciated.


The material presented on this Planned Giving website is not offered as legal or tax advice.
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