Gift Planning
Important News for those age 70 and older!
The American Taxpayer Relief Act of 2012 included a number of provisions that apply to the use of IRA funds by those 70 1/2 and older for charitable support. The upper limit of $100,000 still applies, but any portion of that amount can be used to benefit Millersville University as you specify.
For all of 2012, if you donated funds from an IRA to Millersville University or the Millersville University Foundation, you may now classify that as a rollover gift. That matters in those states that do not recognize deductions for charitable gifts. By characterizing the amount as a rollover gift, the amount will not be included in the taxable income section of your federal return.
For those who would like an additional 2012 tax deduction, a charitable gift made from an IRA between January 1, 2013 and January 31, 2013 can be treated as a 2012 deductible amount. Contact your plan administrator to work out the details.
Another option -- if any of your 2012 IRA distributions were withdrawn and paid to you between December 1, 2012 and December 31, 2012, you may use that amount (up to $100,000 remember) as a 2012 charitable gift by sending the amount to Millersville University or the Millersville University Foundation by January 31, 2013.
Last but not least, any distribution from your IRA in 2013 can be a 2013 charitable gift by having it sent to Millersville University or the Millersville University Foundation.
And as before, the IRA funds cannot be used for any personal benefit for the donor such as football tickets or gifts that provide income to the donor or others.
You are reminded to please consult with your tax advisor to determine how this new law can impact your financial situation and charitable gift plans.
Planned Giving is for Everyone
You can support Millersville University students and programs without having to worry about having enough income for yourself and your loved ones. Whether you are seeking to establish your own endowment or support existing programs at the University, there are multiple opportunities that we can explore to find which one suits your needs and interests. The question to ask- if you could make a gift to support the students at Millersville University, what would you want to do? From there, we can explore how together we can accomplish your goals while maintaining an appropriate lifestyle for you, your loved ones and other charitable interests.
The creation of a life-income gift benefits both the giver and the receiver. It's a "win-win" situation.
Learn more about planned giving at Millersville University by calling Francis Schodowski at 717-872-3820 or 877-872-3820 toll-free or send an email to Francis.Schodowski@millersville.edu
Items of Interest
Suggested Reading
- The Ultimate Gift by Jim Stovall
- The Wealth of Your Life; a Step-by-Step Guide for Creating Your Ethical Will by Susan B. Turnbull