We want to make sure that you are aware of new legislation that may impact your philanthropy.
On Friday afternoon, December 19, H.R. 5771, the Tax Increase Prevention Act of 2014, became law. For those over age 70 1/2, it is possible once again to make tax-favored charitable gifts from traditional and Roth IRA accounts. Amounts given in this way will count toward 2014 required IRA withdrawal amounts.
A total of up to $100,000 can be transferred directly from your traditional or Roth IRA to the College-Institute free of federal income tax. There may also be state income tax savings. Gifts must be made directly to the College-Institute and may not be made to donor advised funds, private foundations, or supporting organizations.
Gifts must be completed by December 31, 2014. Given the short time frame, individuals with check writing privileges on their IRA account(s) may find this to be the most effective way to make their contributions.
As each donor's situation is unique, please consult with your IRA administrator or financial advisor for more information.
Please contact Dr. Jane F. Karlin, Vice President for Institutional Advancement at email@example.com or 212-824-2212 for further assistance in making your gift to the College-Institute.