There's still time to act for the 2011 tax year
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 has extended the IRA Charitable Rollover for 2010 and 2011. Originally passed in 2006 as part of the Pension Protection Act, the IRA Charitable Rollover allows individuals age 70½ and older to make direct transfers totaling up to $100,000 per year to 501(c)(3) charities, including to Temple University, without having to count the transfers as income for federal income tax purposes.
You should talk to your tax advisor if:
• You do not itemize deductions but make charitable gifts, OR • You are required to take a distribution from your IRA that you do not need, OR • Your charitable gifts already equal 50% of your adjusted gross income. |
To qualify, you must be at least age 70½ and have assets in an IRA, or a qualified plan such as a 401(k) or 403(b) that can be transferred to an IRA. Funds must be transferred directly from your IRA provider to Temple University.
To be eligible for 2011 tax benefits, any distribution being sent to Temple University through the US Postal Service must be postmarked December 31, 2011 or earlier, and any wire transfer or delivery by Federal Express or UPS must be received on or before December 31, 2011.
For more information about how you can take advantage of this mutually beneficial opportunity, click here or contact:
Meaghan Hogan
Executive Director of Gift Planning, Temple University
215.926.2545 or 800.822.6957
meaghan.hogan@temple.edu