Planned Giving » New Tax Law » Gifts From Your IRA

[Back to Planned Giving Overview]

Make Tax-Free Gifts From Your IRA: Getting Started

A The IRA Charitable Rollover allows taxpayers who are aged 70 ½ or older to transfer up to $100,000 per year directly from an individual retirement account (IRA) to a charitable organization such as Case Western Reserve University and avoid paying income tax.

The rollover approach typically translates into a greater reduction in taxes than if withdrawing from an IRA as income and then claiming a charitable deduction. This advantage is particularly true for people living in states, including Ohio, that do not provide a tax benefit for charitable contributions.

Fortunately, now these IRA gifts can be made more easily and without tax complications. Plus, you can make the gifts now—while you are living and able to witness the benefits of your generosity. This unique opportunity expires at the end of 2013. This program was first introduced in 2006, expired in 2011, extended to 2013 and may or may not be re-instated after. Contact the university's Office of Planned Giving at 1-877-477-1143 for the latest information.

For more details click here.