Important Information

The Pennsylvania State University Series are custom series of the U.S. Legacy Income Trusts® (Trusts), which are pooled income funds described in Section 642(c)(5) of the Internal Revenue Code and maintained by U.S. Charitable Gift Trust. For additional information, please see the Pennsylvania State University Series Information Statement.

The percentage of contribution value indicated above applies to a U.S. individual taxpayer making a current contribution of property to a Trust, and reflects applicable federal guidelines for determining the deductibility of contributions to a pooled income fund prior to completion of the fund’s third tax year. Ages of individual income beneficiaries are based on their nearest birthday as of the date of contribution. The itemized federal income tax deduction available to individual taxpayers in the tax year of contribution for qualified charitable gifts to public charities is generally limited to not more than 60% of the taxpayer’s "contribution base" (essentially, federal adjusted gross income, hereafter referred to as AGI) for cash contributions, 50% of the donor’s AGI for gifts of appreciated property for which the Donor elects to base the charitable deduction on the fair market value of the property less the amount of the property’s appreciation from cost or other tax basis, and 30% of the donor’s AGI for other gifts of appreciated property, with the balance carried forward for up to five years after the year the contribution is made. In addition to the federal income tax deduction for qualified charitable contributions, 31 states and the District of Columbia permit, subject to applicable limitations, individual resident taxpayers to deduct or receive a tax credit for qualified gifts to charity. See “Tax Considerations – Charitable Income Tax Deductions” in the Trusts’ Pennsylvania State University Series Information Statement for additional information.

For each contribution to a Trust, the Trust’s Administrator will provide the Donor with a written acknowledgement of the contribution that will include a provisional calculation of the charitable remainder portion of the Donor’s contribution for purposes of determining the Donor’s federal income tax deduction. Each Donor is responsible for reviewing and confirming the calculation with his or her own tax advisors.

This calculator is provided for illustrative purposes only and is not intended to provide, and should not be construed as providing, legal or tax advice. Each prospective Donor to a Trust should consult his or her own tax advisors with respect to the federal, state, local, and non-U.S. tax implications of a contribution to a Trust.

Important Information

This calculator is provided for illustrative purposes only and is not intended to provide, and should not be construed as providing, legal or tax advice. Each prospective Donor to a Trust should consult his or her own tax advisors with respect to the federal, state, local, and non-U.S. tax implications of a contribution to a Trust.

Important Information

The charitable deduction percentages indicated above are for a U.S. individual taxpayer making a current contribution of property to a Trust and/or the compared planned-giving instruments, and reflect applicable Treasury regulations and other federal tax guidance currently in effect. Ages of individual income beneficiaries are based on their nearest birthday as of the date of contribution. Indicated charitable deduction percentages for compared charitable remainder unitrusts, charitable remainder annuity trusts and/or charitable gift annuities are based on the highest of the Federal Section 7520 rates in effect for the current and two preceding months (resulting in the highest allowable charitable deduction), and assume that distributions are paid to income beneficiaries on a monthly basis for life, beginning one month after funding. The itemized federal income tax deduction available to individual taxpayers in the tax year of contribution for qualified charitable gifts to public charities is generally limited to not more than 60% of the taxpayer’s "contribution base" (essentially, federal adjusted gross income, hereafter referred to as AGI) for cash contributions, 50% of the donor’s AGI for gifts of appreciated property for which the Donor elects to base the charitable deduction on the fair market value of the property less the amount of the property’s appreciation from cost or other tax basis, and 30% of the donor’s AGI for other gifts of appreciated property, with the balance carried forward for up to five years after the year the contribution is made. In addition to the federal income tax deduction for qualified charitable contributions, 31 states and the District of Columbia permit, subject to applicable limitations, individual resident taxpayers to deduct or receive a tax credit for qualified gifts to charity. See “Tax Considerations – Charitable Income Tax Deductions” in the Trusts’ Pennsylvania State University Series Information Statement for additional information.

For each contribution to a Trust, the Trust’s Administrator will provide the Donor with a written acknowledgement of the contribution that will include a provisional calculation of the charitable remainder portion of the Donor’s contribution for purposes of determining the Donor’s federal income tax deduction. Each Donor is responsible for reviewing and confirming the calculation with his or her own tax advisors.

This calculator is provided for illustrative purposes only and is not intended to provide, and should not be construed as providing, legal or tax advice. Each prospective Donor to a Trust should consult his or her own tax advisors with respect to the federal, state, local, and non-U.S. tax implications of a contribution to a Trust.