Professional award: delayed assignment?

Jun 24, 2010 2 Replies

I received a professional award of a few thousand $$ in 2009. It meets all the tests for not counting as income except that I haven't (yet) assigned it to any eligible charitable organization. Too late to make such an assignment? Would a private university be an eligible charitable organization?



[Just for the record, I'm not trying to play any "making tuition payments into deductible gifts" games here.]

Depends on which private university. Some are for profit, others are non-profit.

The transfer must be made by the payor (the organization making the award), not the recipient of the award. If you got the money then you have taxable income. See IRC Section 74(b)(3).

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