Tax-Free Rollover for 2013!

The popular IRA Charitable Rollover is back: Taxpayers who are at least 70½ years old may again make contributions directly to the College from their IRAs without incurring the normal taxation. Such contributions are not counted as income, but they can count toward the annual Required Minimum Distribution (RMD).

The American Taxpayer Relief Act, signed into law by the President on January 2, 2013, extends the IRA Charitable Rollover through all of 2013.

Rules:

• Donors must be at least 70½ years old.
• Distributions must go directly to the College from a traditional IRA. They may not go first to the owner of the IRA.
• 401(k) or 403(b) funds must first be converted to an IRA and then gifted to the College.
• Gifts may be any amount up to $100,000 per taxpayer.
• Gifts must be made by not later than December 31, 2013. This opportunity “sunsets” on December 31, 2013.

If you have questions or comments, or wish to make use of this great, tax-advantaged way of supporting the College during 2013, please contact Tom Susanka, Director of Gift Planning, at 805-421-5928; or Quincy Masteller, General Counsel, at 805-421-5930.