The University of Toledo

The IRA charitable rollover is back for 2008 and 2009!

Effective immediately, the IRA Charitable Rollover is available to provide you a one-step, simple way to make an immediate gift to The University of Toledo. On October 3, 2008, the Emergency Economic Stabilization Act of 2008 was signed into law and extended expired tax incentives. This law encourages charitable giving by bringing back the IRA Charitable Rollover which facilitates certain donors making direct distributions to a qualified charity.

How the IRA Charitable Rollover 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 2008 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.
• The 1099-R from the IRA custodian notes to report the distribution on the federal tax return, but identify as a nontaxable distribution.
• You can choose to transfer any amount up to $100,000 on or before December 31, 2008. 
• You can designate your distribution for a specific purpose or fund, to fulfill a pledge, or as an unrestricted gift. 

SOME LIMITATIONS TO CONSIDER

• No income tax charitable deduction available for the distribution.
• Distribution available only from a traditional IRA or Roth IRA, not from other retirement plans, such as a 401(k), 403(b), or 457 plan.
• Distribution may not be used to fund a charitable gift annuity, charitable remainder trust, or to obtain goods or services, such as tickets to sporting or entertainment events.
• Distribution must be made directly to a qualified charity, not to the IRA owner.

WHAT YOU CAN DO

• Talk to your financial and tax advisors to determine if the IRA Charitable Rollover is advantageous for you.
• Instruct your IRA custodian to distribute any amount up to $100,000 to The University of Toledo Foundation, MS 319, 2801 W. Bancroft St. Toledo, OH  43606.  (Tax EIN 34-6555110)
• Advise us of your gift and how you choose to designate it.  You will receive an acknowledgement letter from the Foundation.
• Contact Nancy Koerner, ph #419.530.5412, if you need assistance or information about how to notify your IRA custodian.  We can help you!