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Lifetime Gift from a Retirement Account
Under Pension Protection Act of 2006 - IRA
Charitable Rollover
(Complete gift description)
You may find benefits in making a direct distribution from your IRA to the University of Pittsburgh if the gift qualifies as an IRA Charitable Rollover under the Pension Protection Act of 2006.
- Who Qualifies?
Individuals who are age 70½ at the time of the contribution (you have to wait until your actual 70½ birthday to make the transfer). - How much can I transfer?
$100,000 per year in 2006 and 2007 - From what accounts can I make transfers?
Transfers must come from IRAs directly to the charity. If you have retirement assets in a 401(k), 403(b) etc., you must first roll these assets into an IRA, and then direct the transfer from the IRA to the University of Pittsburgh. - To what charities can I make gifts?
Tax exempt organizations like the University of Pittsburgh to which deductible contributions can be made. - Can I use the transfer to fund life-income gifts (CRTs, CGAs, PIFs or the like)?
No, these are not eligible. - Can I use donor advised funds or supporting organizations?
No, these are not eligible. - How does the University of Pittsburgh count the gift?
the University of Pittsburgh would recognize and give credit for the entire gift amount, just as it would for any outright gift.
For more information
Email us, complete the personal illustration form, or call us at 1-800-817-8943 so that we can assist you through every step of the process.