Congress extends IRA rollover provision through 2013
The “fiscal cliff” legislation recently passed by Congress includes good news for alumni and friends wishing to secure considerable tax benefits by making a gift to Berry through their individual retirement accounts (IRA or Roth IRA).
Since 2006, individuals ages 70½ and older have been able to rollover up to $100,000 from their IRAs directly to charity without having to claim the transferred assets as income on their federal taxes. Many donors have taken advantage of this opportunity in years past to help Berry students. Thanks to the new legislation, those who qualify (see age above) have the option of making a qualified charitable distribution (up to $100,000 per taxpayer) anytime through Dec. 31 without claiming the income for 2013.
This presents a tremendous opportunity to secure important tax benefits while also building a legacy of support for Berry students. If you are interested, please contact Helen Lansing, Berry’s senior planned giving officer, at 706-378-2867, 877-461-0039 (toll free) or hlansing@berry.edu.
When you write or call, be sure to ask how you can extend the reach of your IRA gift by taking advantage of matching support available through the Donor Opportunity Fund. An IRA gift of $100,000 will be matched with $125,000 from an anonymous friend of Berry to create a new Gate of Opportunity Scholarship endowed in your own name (or that of someone you wish to honor). This unique scholarship program makes it possible for deserving students to work their way through Berry with the prospect of graduating debt free.