November 9, 2011
Deadline Looms for IRA Rollover Option
Samford University friends are being reminded that the IRA Charitable Rollover law expires Dec 31.
Individuals who are age 70 ½ and older can make a gift of any amount up to $100,000 to Samford directly from an IRA account, according to C. Stan Davis, Samford's director of estate and gift planning. It counts as minimum required distribution, but does not count as income. It also does not trigger federal or state taxes.
It is only for traditional and Roth IRAs, Davis emphasized. Other retirement plans are not eligible.
Individuals who qualify and want to take advantage of this law should notify Samford about gift plans, Davis said. Since the transfer will be directly from an IRA administrator, this communication will ensure that Samford credits the donor for the gift.
If you have questions about this giving option, contact Davis at (205) 726-2807 or online at www.samford.edu/estate/ira.