Major Gifts

IMPORTANT NOTICE TO OLLI@UGA MEMBERS

All  members should know that certain rules are currently in effect for making a gift to OLLI@UGA directly from your IRA! Since OLLI@UGA is a 501(c)3.  Public charity, in 2013 Qualified Charitable Distributions (QCD’s) of up to $100,000 can be made directly from your IRA to OLLI@UGA with NO tax consequences.

The American Taxpayer Relief Act of 2012 was signed by President Obama on January 2, 2013. One of the provisions reinstates qualified charitable distributions (QCDs) for 2012 and 2013.

Provisions of 2013 QCDs are as follows:

    • IRA owners and beneficiaries who are 70 ½ or older are eligible
    • Taxpayers may distribute up to $100,000 per year directly from the IRA to a 501(c)3 public charity with no tax consequences.  OLLI@UGA is a 501(c)3.
    • The distribution must be paid from the IRA directly to the charity.
    • Gifts made to grant-making foundations, donor advised funds, or charitable gift annuities are excluded from these rules.
    • The amount may satisfy all or part of the taxpayers Required Minimum Distribution.

Please contact your personal financial advisor concerning your qualifications and interest in participating in the QCDs.