Want to Help USF and Reduce Your Overall Tax Liability?

A popular strategy used in the past by individuals age 70 ½ or older was to roll IRA dollars directly to a qualified charity. The new tax bill reinstated this provision for direct charitable rollovers of up to $100,000 for 2013. The charitable IRA rollover offers two notable advantages:

  1. Rather than claiming income from an IRA distribution and then deducting the amount of the contribution on a tax return, the money can be rolled directly to the charity. This avoids the need to claim income first before making the deduction, potentially reducing the overall tax liability.

  2. For those who must take required distributions from their Traditional IRA (an obligation after reaching age 70 ½), all or some of that distribution can be represented in the charitable IRA rollover. Again, this eliminates the requirement to claim income when the individual may not need it to meet living expenses.

For now, the IRA direct charitable rollover provision does not apply beyond 2013.

If you are interested in taking advantage of this rollover or have questions, please call the Office of University Relations at 260-399-8007 or visit our website. You can be sure that your gift, no matter what size, will make a significant difference in the lives of our students.