Today is the day — to plan your future — and UMass Boston's future

IRA LAW PERMITS TAX-FREE DISTRIBUTION TO UMASS BOSTON
AN IMPORTANT GIFT OPPORTUNITY FOR DONORS
AGE 70½ OR OLDER

Donors who are age 70½ or older can now make gifts to UMass Boston and other charities directly from their IRAs, without including the IRA withdrawal in their taxable income. This provision, available now through December 31, 2009, was passed into law as part of the Emergency Economic Stabilization Act of 2008.

• Do you have a large IRA account?
This is a great opportunity to make a charitable gift in 2008 or 2009 without incurring additional income tax.

• Are you unable to itemize your deductions for income tax purposes?
By taking advantage of this temporary IRA provision, you can transfer funds directly from your IRA to a charity with no income tax liability, thus eliminating the taxes you would otherwise pay.

• Is the required Minimum Distribution from your IRA more income than you currently need?
Consider transferring the remaining distribution to charity. Why? You can still meet your Minimum Distribution Requirement by taking only the portion of the distribution you need for income, and then transferring the remainder of the distribution to the charity of your choice.

• Have you made a lot of charitable gifts this year and have bumped into the 50% ceiling in your adjusted gross income?
You can now make gifts directly from your IRA that will not be subject to this limitation and won't be taxed as a distribution.

UMass Boston provides the following downloadable PDF documents for more information and to help you decide whether this type of gift is right for you:

• Fact Sheet on the IRA Provision
• Comparison of IRA Gift vs. Regular IRA Withdrawal
• Sample Letters for Qualified IRA gifts to UMass Boston

If you have questions, please call Carolyn J. Flynn, Esq., Director of Gift Planning at 1-877-775-1992 or email ogp@umb.edu.

Here are a few ideas to inspire you to think about the opportunities planned giving might offer you.

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