IRA Charitable Rollovers 2012 and 2013
Included in the tax package known as “The American Taxpayer Relief Act of 2012” passed by the US Congress and of interest to many UA supporters is a provision that renewed the ability to make tax-free distributions from Traditional or Roth Individual Retirement Account (IRA) assets to certain qualified charitable organizations, such as The University of Alabama, for both 2013 and retroactively for 2012.
Those interested may request direct transfers from their IRA in any amount up to $100,000 to a charity before February 1, 2013 (for tax year 2012) and December 31, 2013 (for the 2013 tax year) without reporting it as taxable income. This provision applies to people age 70 ½ or older at the time the transfer is completed. It will thus be possible for some married couples to transfer up to $200,000 for both 2012 and 2013.
Another bonus in the law enables taxpayers who took a withdrawal (mandatory or otherwise) from their IRA during December 2012 to make a cash contribution of all or part of the amount of the withdrawal up to $100,000 before the end of January 2013. This option allows those individuals to treat the gift as if it had been a direct distribution to charity and qualifies as an IRA Rollover gift for 2012.
We encourage you to check with your advisors about the best ways for you to take advantage of these opportunities as you consider gifts to the University and other charitable interests that are important to you.
It is simple to make a transfer. Contact your account administrator to request a check be delivered to:
The University of Alabama
Tax Identification # 63-6001138
Attn: Gift Planning Office
Box 870122
Tuscaloosa, Alabama 35487
Thank you for your support of The University of Alabama. In the event we may be of service regarding the Charitable IRA or other giving options, please contact our planned giving staff without obligation toll free at (888) 875-4438 or local at (205) 348-0999 or email at mailbox@advance.ua.edu.