UNF alumni and friends frequently ask us whether they can support their favorite college, program or non-academic unit through a current gift from their retirement plan assets. In the past, tax consequences made such a gift impractical.
However, Oct. 3, 2008, Congress passed and the president signed the Emergency Economic Stabilization Act of 2008 (H.R. 1424), legislation that includes a two-year extension of the IRA charitable rollover. The provision, originally enacted as part of the Pension Protection Act of 2006 (PPA), permits IRA owners starting at age 70½ to make tax-free charitable gifts totaling up to $100,000 per year from their IRAs directly to eligible charities, such as UNF Foundation. This is wonderful opportunity to support the University of North Florida and avoid income taxes.
The New Law:
If you or your advisors have any questions, download our new brochure The IRA Charitable Rollover – A New Incentive for Charitable Giving [pdf]
Assistant Vice President, Development
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