In its 8th year of enactment in 2013, owners of Independent Retirement Accounts (IRA) may make gifts totaling up to $100,000 to charities of their choice.

The donor of the IRA must be at least 70 1/2 when they make the gift, and under the current legislation, the gift must be made on or before December 31, 2013. Under current law, this provision will expire at the end of this year.

Donors may make gifts to the SUNY Sullivan Foundation and/or to several charitable institutions. Cumulatively, the total from your IRA cannot be more than $100,000 during the calendar year.

The donor incurs no tax liability from this gift of his/her IRA. Since there is no tax liability, there is also no tax deduction for making this gift.

This can be an excellent asset from which to make a charitable gift, particularly for those who have excess assets in their IRA and for those who are not able to itemize their charitable gifts. The distribution will meet minimum required distribution rules.

To qualify as an IRA Rollover without tax consequences to you, the gift must be made at your request directly from your IRA by the plan administrator.

The Legacy Circle

Individuals who make a rollover gift from their IRA to the SUNY Sullivan Foundation automatically become members of the college’s Legacy Circle. You will be asked to confirm your decision when completing the forms provided.

Contact

Cindy Kashan
(845) 434-5750, extension 4213