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IRA Charitable Rollover Contributions
IRA Charitable Rollover Contributions
This legislation, known as the Taxpayer Relief Act of 2012, included a two-year retroactive extension of the IRA Charitable Rollover. The previous authorization of the Rollover expired at the end of 2011, but it has now been reinstated through Dec. 31, 2013. This gift option may allow you to directly transfer some or all of your required minimum distribution directly to WUNC-FM and avoid income tax consequences.
GUIDELINES FOR IRA ROLLOVER GIFTS:
- You must be at least 70 1/2.
- You may distribute up to $100,000, which will count toward your required minimum
- distribution.
- Distributions must be made directly from IRA trustee/administrator to qualifying public charity.
- Gifts must be outright; no material benefits can be received in exchange. Gifts may not be rolled into an income producing gift vehicle. Gifts may not count toward preferential points for priority athletic seating.
- Gifts are not included in federal taxable income, thus no charitable deduction is allowed. State tax rules vary and individual information should be sought from a professional.
- Gifts may only be made from an IRA. Gifts from a 401(k), 403(b) ad 457 plans are not permitted.
WHAT STEPS SHOULD YOU TAKE TO MAKE THE GIFT?
- Contact your IRA custodian for directions on how to initiate the transfer.
- Contact Jennifer Fusco at 919-445-9112 about your gift and for any other assistance we may be able to provide in requesting the transfer and completing the gift.
WHERE TO DIRECT IRA ROLLOVER DISTRIBUTIONS:
WUNC-FM is a department of The University of North Carolina at Chapel Hill. Your plan administrator should mail your distribution to the following address: The University of North Carolina at Chapel Hill, Office of Gift Planning, PO Box 309 Chapel Hill, North Carolina 27514-0309. You can download a sample letter to send to your plan administrator making your request for 2013.
All information is intended to be illustrative in nature and may not cover all issues pertinent to every individual situation. WUNC-FM suggests consulting with your financial or legal advisor to determine how this legislation impacts your own personal situation before making any decisions.
