Special Tax-Free Gift Option for 2014

Monday, December 22, 2014

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 jkarlin@huc.edu or 212-824-2212 for further assistance in making your gift to the College-Institute.

Founded in 1875, Hebrew Union College-Jewish Institute of Religion is North America's leading institution of higher Jewish education and the academic, spiritual, and professional leadership development center of Reform Judaism. HUC-JIR educates men and women for service to North American and world Jewry as rabbis, cantors, educators, and nonprofit management professionals, and offers graduate programs to scholars and clergy of all faiths. With centers of learning in Cincinnati, Jerusalem, Los Angeles, and New York, HUC-JIR's scholarly resources comprise the renowned Klau Library, The Jacob Rader Marcus Center of the American Jewish Archives, research institutes and centers, and academic publications. In partnership with the Union for Reform Judaism and the Central Conference of American Rabbis, HUC-JIR sustains the Reform Movement's congregations and professional and lay leaders. HUC-JIR's campuses invite the community to cultural and educational programs illuminating Jewish heritage and fostering interfaith and multiethnic understanding. www.huc.edu