IRA Rollover Update: In 2015, Congress enacted a permanent extension of the IRA charitable rollover. As a result, individuals age 70½ or older can make gifts directly from their IRA to charity in 2015, 2016 and beyond.
IRA Charitable Rollover
You may be looking for a way to make a big difference in your community. If you are 70½ or older you may also be interested in a way to lower the income and taxes from your IRA withdrawals. An IRA charitable rollover is a way you can help your favorite causes and charities benefit this year.
Benefits of an IRA charitable rollover
- Avoid taxes on transfers of up to $100,000 from your IRA to our organization
- Satisfy your required minimum distribution (RMD) for the year
- Reduce your taxable income, even if you do not itemize deductions
- Make a gift that is not subject to the 50% deduction limits on charitable gifts
- Give back to your favorite charities through one of five types of charitable funds (sorry, the IRS does not permit charitable IRA rollovers to donor-advised funds)
How an IRA charitable rollover gift works
- Contact your IRA plan administrator to make a gift from your IRA to us.
- Your IRA funds can be used to start a charitable fund (with the exception of donor-advised) to help your favorite causes and charities.
- Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
If you have any questions about an IRA charitable rollover gift, please contact us. We would be happy to assist you and answer any questions you might have.