Special tax-free gift option for 2014

Alumni & Giving

By: Lisa Odenbeck

File Under: giving

For those over age 70½, it is once again possible to make tax-favored charitable gifts from traditional and Roth IRA accounts.
On December 16, 2014 legislation was signed into law that extends this special opportunity for gifts completed in 2014. Amounts given in this way will count toward 2014 required IRA withdrawal amounts.

A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to Mount St. Joseph University free of federal income tax. There may also be state income tax savings. To make such gifts, it is important to not withdraw funds prior to a gift, but distribute them directly from an IRA to one or more qualified charities. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA.

For more information please contact your IRA administrator or your advisors or Lisa Hinger-Odenbeck at 513-244-4475 or  lisa.odenbeck@msj.edu