Tax-free IRA charitable rollover extended – special provisions for 2012!


Individuals, age 70½ or older, can once again ask their IRA custodian to transfer up to $100,000 per year from an IRA directly to Gonzaga without paying income taxes on the withdrawal.

Due to this late extension, Congress made the following special provisions for 2012:

  1. If you made a charitable rollover gift to Gonzaga directly from your IRA at any time in 2012 (in hopes that the law would be extended), the University will receipt your transfer as a qualified 2012 IRA charitable rollover gift.
  2. If you held off on making a charitable rollover gift directly to Gonzaga from your IRA in 2012, you can still do so if the qualified transfer is made by January 31, 2013. This distribution may be counted retroactively for the 2012 tax year.
  3. Or, if you took a withdrawal (required distribution or otherwise) from your IRA in December 2012, you may make a cash contribution to Gonzaga of all or part of that amount up to the $100,000 limit by January 31, 2013.  Your gift will be treated as if it had been a direct transfer to Gonzaga that qualified as an IRA charitable rollover gift for 2012.

As a reminder, to qualify for the IRA charitable rollover:

  • You must be age 70½ or older at the time of the gift.
  • You may contribute up to $100,000, per taxable year, per IRA account holder.
  • Transfers for the 2012 taxable year must be completed by January 31, 2013.
  • Transfers for the 2013 taxable year must be completed by December 31, 2013.

To find out if this provision is appropriate for you, contact your financial advisor or IRA custodian today. If you decide to take advantage of the IRA charitable rollover in 2012, please let us know immediately by returning the reply card below so we can ensure your gift is received, designated and receipted correctly.

If you have any questions, please contact Annette Davis or Judy Rogers at (800) 388-0881 or plannedgiving@gonzaga.edu. For more information on using IRAs as an estate gift, visit gonzaga.edu/plannedgiving.