Planned Giving

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IRA Rollover

IRA Rollover - American Taxpayer Relief Act of 2012

Don't forget that one of the benefits of the IRA charitable rollover is that unlike most other charitable gifts, gifts from your IRA are not subject to deduction limits based on your income!

Certain IRA gifts may help you reduce the amount of taxes you have to pay when you file your 2012 tax return. There are at least three ways you can use your IRA to support Oakland University in 2013.

Learn how other donors used this popular charitable avenue to fund their passions in the School of Education and Human Services and a lecture series in Philosophy, Religion and Society.

Please contact us if you would like to learn more about how you can use your IRA to make a gift to Oakland University.

E-mail: giftplan@oakland.edu
Phone: (248) 364-6129

Continuation

The new law continues the IRA rollover for 2012 and 2013.

This means that if you are 70½ or older, you can make gifts to charity directly from your IRA in 2013. Your gift will help you meet your annual distribuion requirements and you will not have to pay tax on the amount given from your IRA to charity.

The new law also means that if you made a gift from your IRA to charity in 2012, that gift is not taxable.

If you made a gift like this you may have already saved on taxes without even realizing it!

Catch-Up

The new law has a special provision that allows you to make catch-up gifts from your IRA to charity in January 2013.

You can make a catch-up gift by making a gift directly from your IRA to charity in January 2013. Catch-up IRA gifts will be treated as if you made the gift in 2012. If you want to make a catch-up IRA gift, you must hurry. All catch-up gifts must be made by January 31, 2013.

The catch-up may actually allow you to double the amount you give to charity from your IRA this year! You may be eligible to make up to a $100,000 gift from your IRA in January. This would count as a 2012 rollover gift. If you made another $100,000 gift from your IRA, that gift would count as a 2013 rollover gift.

Conversion

The new law also contains special provision that may allow you to convert a taxable distribution from your IRA to a non-taxable distribution.

How does this work? If you took a taxable distribution from our IRA in December 2012, you can avoid taxes on the distribution by making a cash gift to charity in January 2013.

Time to convert your 2012 distribution is limited – you must make a cash gift to charity in January 2013 to qualify for this special tax treatment. Don't delay!