Donors to University of the Ozarks can give more while spending less, thanks to some last-minute legislation.
Congress recently passed legislation for a tax break on charitable donations from IRAs for those over 70½ years old.
The legislation restores the ability to donate up to $100,000 to a qualifying charity such as University of the Ozarks directly from an IRA without including the transfer in taxable income for 2014. It needs to be done by Dec. 31, as the deal expires in 2015.
How It Works
- If you are 70½ or older, you can give up to $100,000 directly from your IRA to charities such as University of the Ozarks.
- The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.
- If you have not taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
- The transfer may be made in addition to any other charitable giving you have planned.
- If you made a gift to a qualified charity of up to $100,000 directly from your IRA in 2014, your gift will qualify under the new law.
For more information about this unique opportunity to help further Ozarks’ mission, please contact Lori McBee, director of Advancement, at 479-979-1354.