The Charitable IRA Rollover is Gone…But Not Forgotten?

The special provision of the Pension Protection Act of 2006 that opened a two-year window for tax-free gifts from IRAs expired on December 31, 2007.

Cornell University expresses its deepest gratitude to each alumnus, alumna, and friend who took advantage of this opportunity to give through a retirement account. To date, over $5 million in gifts has come from IRA accounts in support of programs and services across the university.

Nationally, nearly $125 million in charitable contributions has been officially attributed to the charitable IRA rollover so far. According to the National Committee on Planned Giving (NCPG), this is expected to be only a fraction of the total giving that will have resulted from the provision. The merits of the Charitable IRA Rollover are therefore well-established, but legislative battles have left a hoped-for extension of the provision for a later date. To read more, go to the legislative update at the NCPG website.

Starting in 2008, charitable gifts from IRAs are no longer tax-free, but they still can be an important part of a successful financial and estate planning strategy. If you wish to consider how a gift from your tax-deferred retirement account will help you and Cornell, use our online resources, or call us at 1-800-861-1865.