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Make a Gift from your IRA

Posted on 12/18/2008 4:14:25 PM

The Emergency Economic Stabilization Act of 2008 may provide you an opportunity to support students and programs at IUP by making a gift from your Individual Retirement Account (IRA).  

Individuals 70-1/2 years old or older may make a qualified charitable distribution outright to charity, in an amount up to $100,000, directly from a traditional or Roth IRA.

This giving opportunity allows contributions that are made directly from either a traditional or Roth IRA to the Foundation for Indiana University of Pennsylvania to be excluded from taxable income for federal income tax purposes. Effective for tax year 2009, the provision also enables each spouse to make a charitable gift of up to $100,000 in each year from his or her IRA to charity.

You may take advantage of this opportunity:

  • If you are age 70 1/2 or older
  • If you make the gift on or before December 31, 2009
  • If you transfer funds directly from an IRA to the Foundation for Indiana University of Pennsylvania

Please note that a distribution from an IRA to benefit IUP must be distributed directly from the IRA trustee or administrator. Life income gifts such as charitable gift annuities or charitable remainder trusts are not eligible to be funded by an IRA distribution; nor are distributions to donor advised funds. Distributions from retirement accounts other than IRAs are also not eligible.

For more information about how your gift can benefit IUP and meet your own philanthropic intentions, please contact us for assistance at 724-357-5555. We’ll be happy to help!