Most Americans were well aware of the scrambling that took place in Congress as the new year dawned, designed to mitigate the possible effects of the so-called “fiscal cliff.” The resulting new tax laws impact a number of areas, but in particular, the popular charitable IRA rollover for individuals aged 70 ½ was revived. An added feature is that donors can utilize the new provision retroactive to last year.  

People who are 70½ or older can make gifts, in any amount up to $100,000, directly from an IRA to charities such as Creighton University. This transfer generates neither taxable income nor a tax deduction, so individuals who do not itemize tax deductions can still benefit. An IRA charitable rollover may be made in addition to any other charitable contributions donors have planned.

In order for a transfer to Creighton to be effective for the 2012 tax year, direct your contribution from a qualified IRA by Jan. 31, 2013. If you have already taken a distribution from an IRA in December 2012, you may still contribute by cash, check or credit card to Creighton by Jan. 31, 2013, and elect to treat this as a direct transfer.
 
If you are interested in taking advantage of this opportunity, or if you have questions, contact Robert Skrydlak, senior director of Estate and Trust Services, at 800-334-8794, 402-280-2412, or rskrydlak@creighton.edu.
 
Your gift would have the double benefit of reducing your tax liability while helping Creighton students and advancing the University’s educational mission.