IRA Charitable Rollover has passed - What you need to know
The IRA Charitable Rollover, a popular charitable giving tool for donors age 70.5 and older, is available from now until the end of the year. On December 16, Congress passed legislation that included the IRA Charitable Rollover and the president is expected to sign it soon. However, this opportunity is only available through December 31, 2014. Donors age 70.5 and older may transfer up to $100,000 from their IRA to a qualified public charity. The transfer is free of federal income tax and the gift qualifies for the donor's 2014 required minimum distribution (RMD).
SENIORS AGE 70.5 AND OLDER -
You can make a tax-free gift from your IRA before year-end!
You must act before December 31, 2014.
With an Individidual Retirement Account "IRA" Charitable Rollover, also called a "qualified charitable distribution"
What is an IRA Charitable Rollover?
An IRA Charitable Rollover is a direct transfer of up to $100,000 from your Traditional IRA to a qualified charity - such as Our Lady of the Lake Catholic Church or School.
Who is eligible to make an IRA Charitable Rollover?
Any owner of a Traditional IRA who is at least 70.5 years old is eligible.
How does an IRA Charitable Rollover benefit me?
Because the donation is made directly to a qualified charity, you benefit by not having to count the donated amount as income for tax purposed - this can be particularly helpful in excluding all or part of your required minimum distribution.
How long do I have to act?
Act now! You only have until December 31, 2014, to make your gift. It takes several days for an IRA plan administrator to process transfers so it is important that you act as soon as possible.
How do I make an IRA Charitable Rollover?
Contact your IRA trustee or administrator and instruct them to make the contribution from your IRA. They will have forms for you to complete.