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UC Davis Health

Important IRA legislation passed

IRA Charitable Rollover Extended!Dear friends of the UC Davis School of Medicine:

Recently extended legislation allows you to once again make tax-tree lifetime gifts from your IRA.

Legislation that President Obama signed on Dec. 17, 2010, allows individuals aged 70 1/2 or older to make outright (immediate) gifts of up to $100,000 to qualified charitable organizations through direct transfers from their IRAs – without paying income tax on the IRA distributions. This opportunity enables you to improve your overall tax situation while helping us continue to meet our goals and achieve our vision for the future.

Note: This opportunity applies only to IRAs, but not to other types of retirement plans. The legislation does not permit direct transfers to charitable trusts, donor-advised funds, charitable gift annuities or supporting organizations. Owners of 401(k)s, Keoghs and other ineligible plans may have the option to roll over amounts into an IRA and then make an eligible gift from that account.

You can make a direct transfer if:

  • You are age 70 1/2 or older on the day of the gift.
  • You transfer funds directly from an IRA.
  • You transfer the gift outright to one or more qualified charities.
  • You give $100,000 or less for 2011. (Your spouse also can give up to $100,000 from his or her own IRA if he or she is 70 1/2 or older.)

Benefits of an IRA direct transfer to UC Davis Health System:

  • The transfer generates neither taxable income nor a tax deduction, so you can benefit even if you do not itemize your tax deductions.
  • The transfer may count against your unsatisfied required minimum distributions.
  • You may transfer up to $100,000 directly from your IRA, which allows you to make a significant gift and gives you the flexibility to create an improved tax situation.
  • Along with creating a powerful legacy, you can witness the benefits of your gift to UC Davis Health System now.

You can make a gift for 2011 anytime between now and Dec. 31. It’s simple to do. Just contact Mark E. Schaal, M.B.A., at 916-734-9310 or Planned.Giving@ucdmc.ucdavis.edu. Mark will answer any questions and provide you the appropriate language for making your request to your IRA custodian.

Thank you.

 UC Davis Health > Spring 2011 > Health Alumni and Friends > UC Davis School of Medicine Alumni 
UC Davis Health

Spring 2011

Important IRA legislation passed