Making your IRA work for you in 2007
The IRA Charitable Rollover provision of the Pension Protection Act of 2006 presents an incentive and the potential for a meaningful and immediate gift to The University of Toledo. You can designate your gift for a specific purpose or fund, to fulfill a pledge, or as an unrestricted gift. An IRA Charitable Rollover is a simple and tax-effective gift strategy available only until the end of 2007.
How It Benefits You
Individuals, age 70 1/2 and older, may direct distributions from an IRA to a qualified charity, like The University of Toledo Foundation.
- Transfer counts toward your required minimum distribution, provided you have not received your 2007 total required minimum distribution.
- Distribution does not generate taxable income or an income charitable tax deduction. Thus, you can benefit even if you do not itemize your tax deductions or if you live in a state, such as Ohio, that does not offer a charitable deduction for income tax purposes.
- You can choose to transfer any amount up to $100,000 on or before December 31, 2007.
Most importantly, you are able to see the impact of your gift to the areas and causes that you value at The University of Toledo.
We are here to help you! Once you and your financial and tax advisors have determined that an IRA Charitable Rollover is the right move for you, we can assist you, as needed, in notifying the IRA custodian and assuring that your gift will be applied as you request.
To learn more, please contact:
Nancy Koerner, J.D.
Director of Planned Giving
The University of Toledo
2801 W. Bancroft St. MS #318
Toledo, OH 43606
Ph: 419.530.5412
Fax: 419.530.4340
Email: nancy.koerner@utoledo.edu
