Judy Rosener

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The IRA Charitable Rollover

A renewed incentive for charitable giving

The IRA Charitable Rollover is once again an option available for our donors. On January 1, 2013, the President signed into law the American Taxpayer Relief Act (ATRA) which included (among other things) an extension of the Charitable IRA Rollover.

As you may be aware, the Charitable IRA Rollover allows individuals 70½ and older to support their favorite charities by being able to rollover up to $100,000 from their traditional IRA to public charities like the UC Irvine Foundation. This provision is now in effect through December 31, 2013 and the ATRA also includes retroactive provisions for distributions that you received from your IRA in 2012.

  

UC Irvine Professor Emerita
Judy Rosener
Professor Rosener discusses why she made a Charitable IRA Rollover gift to help graduate students at UC Irvine.

IRA Distributions for 2012
If you had considered making a gift to UC Irvine in 2012 using your IRA but were unable to do so, now is the time to act. The American Tax Relief Act allows you to make use of the Charitable IRA Rollover but only through a gift of the distribution that you received through your IRA by January 31, 2013.

IRA Distributions in 2013
If you would like to support the Campus and our mission for education and research excellence through the charitable IRA Rollover in 2013 you can do so in one simple step - direct your IRA custodian to transfer a specific dollar amount directly to the UCI Foundation (TIN: 95-2540117) and specify how you would like the funds to be spent.

Note, your gift cannot be used to pay for memberships or to attend events but can be used for such things as student support, research funds, capital funds or even discretionary funds that will be used for the campus' highest priorities.

Download:
IRA Charitable Rollover Fact Sheet

The Basic Criteria

Here are the highlights of the IRA Charitable Rollover:

  • The IRA Charitable Rollover provision is in effect through December 31, 2013
  • You must be 70½ and older on the date of the distribution in order to participate
  • Disbursements must be made directly to a qualified public charity, such as the UC Irvine Foundation
  • You may rollover up to $100,000 per person
  • You can count the amount of the distribution towards your Required Minimum Distribution for the IRA.
  • IRA Charitable Rollover gifts are not deductible

After consulting your financial and tax advisor, the next step is to contact the administrator of your IRA account. Most administrators are aware of the change in the charitable IRA rollover and may already have a written form for you to complete the transfer. You may also send a written request to your administrator.

Questions?
Contact the Office of Planned Giving (949) 824-6454 or roland.ho@uci.edu

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