Can I transfer my IRA to the University of California, Irvine to set up a life-income gift, and avoid income tax on the transfer?
Under present law, any lifetime distributions from an IRA are included in your taxable income, even if these funds are transferred to us. You do, however, receive a current charitable deduction when you establish a life income gift, which would partially offset the amount included in your taxable income. Proposed legislation would make the transfer tax-free, however. Watch our Website for updates.
