DECEMBER 31 DEADLINE!
Through December 31, 2013, individuals who are 70 1/2 years or older may direct their required minimum IRA withdrawals to the LSU Foundation and not pay taxes on the transfers. To participate, direct your plan administrator to send your withdrawal to the LSU Foundation in support of your favorite school, college or program.
To be eligible:
- You must be 70 1/2 years or older.
- You may make a maximum rollover of $100,000 per individual account, and there is no minimum.
- The rollover must be from your own personal IRA as opposed to another type of pension plan.
- The gift must be a direct transfer from your IRA custodian to the LSU Foundation.
- The gift must be to a "public" charity like the LSU Foundation and not to a donor-advised fund, supporting organization or private foundation.
- Gifts must be made “outright,” not from funds used to establish a charitable gift annuity or charitable remainder trust.
- Under current law, this transaction must be completed by December 31, 2013.
- The allocation will count toward your minimum required distribution.
- You will not pay federal taxes on your withdrawal.
- The gift will decrease your taxable estate.
- Your gift will not be subject to the 50 deductibility ceiling or 2 percent rule.
Download a sample letter to direct your plan administrator to initiate the transfer. (PDF)
If you are interested in this opportunity or if you have questions, please contact our planned giving team. For information about other planned giving opportunities, visit www.lsufoundation.org/plannedgiving.