The charitable IRA gift opportunity has provided many benefits to OLLI’s supporters over the years. The House of Representatives passed the same provision for 2014 earlier this week, but it has not been finalized by passage in the Senate and signed by President Obama yet.
Remember, the provisions are for gifts up to a total of $100,000 from an IRA as long as the donor is at least age 70 on the day of the gift. The gift check should be made payable to the WVU Foundation and mailed to P.O. Box 1650, Morgantown, WV 26507 by the plan administrator for faster results. If the law passes, it will apply to any IRA gift made during 2014 (but is not likely to be available in 2015). Any charitable distribution also qualifies as all or part of the donor’s required minimum distribution. Plus the gift escapes taxation on the federal and West Virginia tax returns.