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Philanthropy News & Events

IRA Charitable Rollover

The IRA Charitable Rollover has been extended through December 31, 2013.  This legislation enables you to make a gift to charity from your IRA and not include the amount distributed in your taxable income.

If you will be taking a required annual distribution from your IRA account before December 31, 2013 and you are 70 ½, you could transfer the donation from your account to a qualified charitable organization such as Pacific Dugoni School of Dentistry.

In order for the transfer to qualify:

  •  You are 70 ½ years of age or older when the gift is made.
  • Total IRA Rollover gifts are $100,000 or less (or up to $200,000 if you are a couple) in a given year.  This opportunity applies only to IRAs (traditional, rollovers, and Roth) and not other types of retirement plans.
  • Transfer must be made directly from the IRA administrator to the charity.
  • Transfer funds outright to one or more qualified charities, such as Pacific Dugoni
  • Make your gift by Dec. 31, 2013. This transferred asset will not be recognized as taxable income.

Some questions you may have about the IRA Charitable Rollover

If I made a charitable IRA rollover gift in other tax years, can I do this again for the 2013 tax year?
Yes. Even if you and your spouse each made the maximum $100,000 charitable IRA rollover gift to a qualifying charity during one or more previous years, you can still take advantage of this legislation again for the 2013 tax year.

Can a qualified distribution from my IRA account be used to fulfill a pledge?
Yes, it can be used to fulfill a pledge commitment.

Can I still make a gift with an IRA beneficiary designation?
Absolutely! Whether or not you choose to make a charitable IRA rollover gift, you can still designate Pacific Dugoni as a beneficiary to receive IRA assets after your lifetime. The lifetime charitable IRA rollover is simply another option for donors who would like to see their gifts doing good work now.

What about 2014 and beyond?
As of this writing, this special tax advantage had not been extended beyond its current Dec. 31, 2013, expiration date.

More questions?
Contact Linda Frank of the Pacific Dugoni development team by phone at 415.749.3303, or email lfrank@pacific.edu.