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IRA Charitable Rollover is back for 2012 and 2013

At the last moment, Congress passed the Taxpayer Relief Act of 2012 which includes a two-year retroactive extension of the Charitable IRA Rollover. The previous iteration of the Rollover expired at the end of 2011, but has now been reinstated through 2013.

Donors age 70 ½ or older are once again eligible to transfer up to $100,000 annually from their IRAs directly to UMass Boston, without having to pay income tax on the funds transferred. Given that the law is retroactive to 2012, Congress created a few special provisions.
  • IRA Distributions Taken in December 2012
If you received a minimum required distribution from your IRA in December 2012, you can make a cash contribution of any portion of it to UMass Boston (100K maximum) before February 1, 2013, and treat it as a qualifying rollover for 2012.  This means that it would not be included in taxable income for 2012.  You must indicate to UMass Boston that your gift is intended to be a qualifying gift from an IRA, so that we may send you the appropriate acknowledgement.

If you received an IRA distribution in December of 2012 AND made a subsequent gift to UMass Boston in December 2012, that gift can be treated as a qualifying rollover on your 2012 taxes.  Please check with your advisor.
  • Transferring Funds in January 2013 and Having them Count in 2012
If you want to make a gift directly from your IRA to UMass Boston (rather than using distributions already received from the IRA) in January 2013 and have it count as being transferred in 2012, you can authorize your IRA administrator to make the transfer directly to UMass Boston.  Such transfers made during the month of January 2013 can be deemed to have been made on December 31, 2012, at the election of the donor.

An individual has the entire year of 2013 to make Charitable IRA Rollover contributions for that year.  Please instruct your IRA administrator to make the transfer directly to UMass Boston.

The University of Massachusetts Boston does not provide tax or legal advice; please consult your tax and legal advisors before making such a transfer to ensure that you follow all applicable rules and receive the most favorable tax treatment.  Thank you to all who consider making a special gift to UMass Boston in this manner!

For additional information, please contact:
Carolyn J. Flynn, Esq.
Director of Gift Planning
(877) 775-1992

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