IRA Rollover
A special opportunity to give to OHSU and Doernbecher Children's Hospital through your IRA has been extended through the end of 2013.
Under the Taxpayer Relief Act of 2012, which was enacted in January 2013, gifts to OHSU from your IRA can:
- Be an easy and convenient way to make a gift from one of your major assets.
- Be excluded from your taxable income.
- Count towards your minimum distribution requirement.
For your IRA gift to qualify for these benefits:
- You must be 70 1/2 or older.
- The transfer must be directly from your IRA to the OHSU Foundation or Doernbecher Children's Hospital Foundation (exception for certain gifts made in January of this year - see below).
- Your total IRA gift(s) cannot exceed $100,000 per year.
Your gift must be outright - nothing of material benefit in exchange for it.
Two special provisions for those who act in January:
- By the time the new legislation was enacted, most people had already taken their required minimum distributions for 2012. If you are one of those individuals who received a personal distribution in the month of December and you would like to make a gift from your IRA and have it reduce your 2012 taxable income, there is still time. Just send a cash gift to the OHSU Foundation or Doernbecher Children's Hospital Foundation and indicate that it is intended to be a qualifying gift from your IRA. The amount you send (up to the maximum $100,000) will not be included in your 2012 taxable income.
- If you want to make a gift directly from your IRA rather than with distributions already received from your IRA, you can authorize your IRA administrator to transfer funds to the OHSU Foundation or Doernbecher Children's Hospital Foundation and choose to have it count as having been transferred in 2012. The funds must be transferred before February 1.
IRA gifts for the remainder of 2013:
- You have the entire year of 2013 to make qualifying contributions for this year.
- For those gifts, advise your IRA administrator to make a direct transfer to the OHSU Foundation or Doernbecher Children's Hospital Foundation.
