IRA Charitable Rollover

Recent legislation may extend the IRA Charitable Rollover for 2014.

The Tax Increase Prevention Act of 2014 includes an extension for 2014 of the IRA charitable rollover. The Act passed the House on December 3, the Senate December 16, and now awaits the President's signature to become law. All indicators suggest the bill will become law and will provide a very short window for tax-free gifts to support Springfield College. Updates on this opportunity will be posted on our website as they are available.

A gift from your IRA will qualify if:

  • You are age 70 1/2 years old older at the time of the gift,
  • Your gift is made directly from your IRA to Springfield College,
  • The gift amount does not exceed $100,000,
  • Your gift is completed by December 31, 2014.

An IRA Rollover can be particularly beneficial to you if:

  • You don't want to take your required minimum distribution—a rollover gift can satisfy or partially satisfy your required minimum distribution requirement,
  • You can't use all of your charitable deductions this year.
  • You don't itemize your charitable deductions.

This limited-time tax exempt opportunity is a great way for Springfield College alumni and friends to give back. To do so, make a request to your IRA plan administrator asking that the distribution be made payable to Springfield College.

You may determine where your gift goes—to help students, a particular program, department or campus. Please contact me or any member of the gift planning team for additional information or assistance.