On December 18, 2015, President Barack Obama signed into law the “Protecting Americans from Tax Hikes Act of 2015.”
This act provides individuals who are at least 70 ½ years old to exclude from their gross income any qualified charitable distributions from IRAs – capped at $100,000 per year. If you are aged 70 ½ or over, you can once again make tax-advantaged gifts to the UCI Foundation (Tax ID #: 95-2540117) from your traditional IRA.
Judy B. Rosener, Ph.D., professor emerita in The Paul Merage School of Business at UCI and her husband, Joe, did just that in 2011.
“I grew up poor, and I remember I went to the University of California free, says Judy. “Today it costs a lot of money, so I feel really good about helping other students get a degree. The benefit is that I feel very good about helping others. I think that’s really important that those of us who have been privileged to give back.”
If you are have questions about setting up an IRA Charitable Rollover to benefit a program, initiative or student at UCI, contact the Office of Planned Giving or call 949-824-6233.