IRA Charitable Rollover Information

Congress reinstates IRA Charitable Rollover for 2010 and 2011

Included in the large tax package passed December 16 by the US Congress that will be of interest to many UA supporters is the provision that renews the ability to make tax-free distributions from Traditional or Roth Individual Retirement Account (IRA) assets to certain qualified charitable organizations, such as The University of Alabama. [NOTE: Distributions from 401k and other company-sponsored programs will not qualify under this Act.]
Those interested may request direct transfers from their IRA in any amount up to $100,000 to a charity during 2010 and 2011 without reporting it as taxable income. This provision applies to people age 70 ½ or older who complete gifts by January 31, 2011 for contributions to be applied in the 2010 tax year, and by December 31, 2011 for contributions to be applied to the 2011 tax year. It will thus be possible for some married couples to transfer up to $400,000 between now and the end of 2011.
We encourage you to check with your advisors about the best ways for you to take advantage of these opportunities as you consider gifts to the University and other charitable interests that are important to you.

It is simple to make a transfer. Contact your account administrator to request a check be delivered to:
• The University of Alabama
• Tax Identification # 63-6001138
• Box 870122
• Tuscaloosa, Alabama 35487

For additional information please refer to The Charitable IRA brochure