Home : Giving to Hollins : Planned Giving: IRA ROLLOVER

Charitable IRA Rollover Provision is Back for 2012 and 2013

What is it?

On January 2, 2013, Congress passed H.R. 8, which extended the IRA charitable rollover provision. This new legislation:

  • Retroactively reinstates the Charitable Rollover for 2012 for eligible distributions made after November 30, 2012
  • Allows any otherwise eligible gifts made after December 31, 2012, and before February 1, 2013, to be treated as a 2012 donation
  • Extends the IRA charitable rollover provision through December 31, 2013

This allows individuals to make distributions from their IRA accounts directly to a charity without recognizing the distribution as income.

Take advantage of this opportunity and make a difference at Hollins!

 

Guidelines
  • You must be at least 70 ½.
  • You may distribute up to $100,000.
  • Distributions must be made directly from IRA trustee/administrator to qualifying public charity (you cannot receive the distribution prior to gifting to charity).
  • No charitable deduction is allowed (but the distribution is excluded from your income).

 

Is this the right gift for you to make?  Yes, if:
  • You have accumulated IRA assets that may not be needed to support your retirement lifestyle, but are required to take distributions each year. A qualified charitable distribution can partially or completely satisfy annual minimum distribution requirements, without having to recognize the distribution as income.
  • You have made, or are contemplating making, charitable gifts that exceed 50% of your adjusted gross income (the maximum amount of deduction allowed for cash gifts). A qualified charitable distribution is not subject to the 50% AGI (Adjusted Gross Income) limitation because no charitable deduction is permitted.
  • You do not itemize deductions on your federal income tax returns. Many prefer claiming the standard deduction and filing a less complicated return. Making a qualified charitable distribution will not require individuals to itemize, so there will be no need to change their tax preparation preferences.
  • Your major liquid asset is your IRA.
  • You have an enforceable charitable pledge - you can use the transfer to satisfy the pledge without violating the rules against self-dealing.
  • You live in a state where a charitable deduction is now allowed for state tax purposes.

 

How do you make a gift?

Contact your plan administrator to request a distribution from your IRA account to the Hollins under the Charitable Rollover provision.

  • It is important that you alert Hollins to the distribution so that we can monitor its receipt and provide you with the proper acknowledgement required by the IRS for charitable IRA Rollover distributions.
  • Hollins' tax ID # is: 54-050-6314.
  • Your plan administrator should mail your distribution to: Office of External Relations, Hollins University, P.O. Box 9629, Roanoke, VA  24020. 

 

Questions?


Contact gifts@hollins.edu or 800-Tinker1 (800-846-5371).