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Outright Gifts: IRA Charitable Rollover

IRA charitable rolloverGood News for 2013!

Congress has extended the provision that lets you make a tax-free gift from your IRA if you are age 70½ or older. Here is how it works.

  • You direct a qualified distribution (up to $100,000) from your IRA directly to Manchester University
  • This distribution counts toward your required minimum distribution
  • You pay no federal income tax on the distribution

Special January 2013 Options

  1. If you took an IRA distribution in December 2012, you can make a cash charitable contribution in January 2013 up to the amount of your distribution, and then count the contribution as an IRA Charitable Rollover for 2012—which means excluding it as income for 2012.

  2. If you make a January 2013 qualified charitable distribution from your IRA, it will be deemed to have been made on December 31, 2012. This allows you to make a second qualified charitable distribution in the remaining months of 2013.

These two limited time IRA Charitable Rollover opportunities provide a real planning advantage! 

For more information, contact:
Melanie Harmon, Executive Director of Development