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Special tax-free gift option for 2014

On December 16 Congress passed legislation that extended the special IRA rollover incentive for gifts completed in 2014. The President­ signed the legislation into law on December 19.­ This gift opportunity ends on December 31, 2014. So, please do not delay in contacting us if you wish to make a transfer from your IRA to us this year.­­

For those over age 70½, it will once again be possible to make tax-favored charitable gifts from traditional and Roth IRA accounts.

The legislation signed into law extends this special opportunity for gifts completed in 2014. Amounts given in this way will count toward 2014 required IRA withdrawal amounts.

A total of up to $105,000 can be transferred directly from traditional or Roth IRAs to­ MidAmerica Nazarene University ­free of federal income tax. There may also be state income tax savings.­

To make such gifts, it is important to not withdraw funds prior to a gift, but distribute them directly from an IRA to one or more qualified charities. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA.­­

Check with us, your IRA administrator or your advisors for more information.