Congress Controls Future of IRA Charitable Rollover
Congress has yet to take action on a bill that would reinstate the IRA Charitable Rollover, which offers tax savings for some donors 70 1/2 and older. More
Encouraging Generosity in Your Grandchildren
Much of what we teach our young grandchildren is accomplished by setting good examples. One of these examples may be showing them how to give back. It is the firsthand experience that leaves a lasting impression. More
3 Tax-Savvy Strategies to Use This Year
There is no better time than now to protect your wealth with valuable and often overlooked tax deductions. First, estimate how much income you expect to bring in by the end of the year. Knowing this information can help you decide how much you may want to give to favorite causes, such as Gonzaga University, reducing your income tax hit. More
An important note for those 70 1/2 and older:
The IRA Charitable Rollover provision made a brief appearance on December 19, 2014 and then promptly disappeared on January 1, 2015.
As of this writing, no legislation has been approved to extend this special tax advantage beyond December 31, 2014, the last expiration date.
WHAT YOU CAN DO NOW:
Although there is currently no legislation that provides for a 2015 IRA Charitable Rollover, you can still request that your IRA administrator transfer funds directly from your IRA account to Gonzaga. While your gift will currently be taxable as a regular withdrawal, it can also count towards all or a portion of your required minimum distribution (RMD), and you may take any allowable federal income tax charitable deduction for your gift. Then, should Congress reinstate the IRA charitable rollover retroactively for 2015, you will have the choice of which strategy to you choose to employ.
If you are 70 1/2 years of age or older would like to make a gift from your IRA—regardless of the outcome of the 2015 legislation—GU’s IRA Charitable Rollover transfer instructions are as follows:
- Contact your IRA administrator and request they make a direct charitable distribution to GU from your IRA before Dec 31, 2015.
- Request your IRA administrator issue the check payable to: The Corporation of Gonzaga University (Tax ID# 91-0236600)
- Instruct your IRA administrator to mail check directly to: Gonzaga University – Office of University Advancement – 502 E Boone Ave Spokane, WA 99258-0098
- Request that the administrator of your IRA account include your name/address on the transmittal check as the “donor of record” with the transfer.
- Call or email to let Gonzaga know where (what fund?) you would like to direct your IRA gift.
- We will HOLD on receipting your IRA gift until Congress decides whether to pass the IRA Charitable Rollover legislation retroactively for calendar year 2015.
- If passed, we will receipt the transfer as an IRA tax-free rollover (maximum tax free amount allowed = $100,000).
- If not passed, we will receipt the transfer as a charitable income tax-deductible contribution.
If you have questions, please don’t hesitate to contact Judy Rogers or Annette Davis at (800) 388-0881 or plannedgiving@gonzaga.edu.