We have great news to share this holiday season!
The Senate just passed the tax extenders bill. This bill includes a permanent extension of the IRA rollover. It will now be sent to the President to be signed into law.
The IRA rollover is a great way for people who qualify to make an IRA rollover gift to support the causes they care about. IRA rollover gifts can make a huge difference. These gifts will help sustain us in our important work.
There are a few details that we wanted to share with you about the bill and the IRA rollover: - The IRA rollover allows donors 70½ or older to transfer up to $100,000 directly from their IRA to charity each year.
- An IRA rollover gift is a tax-exempt distribution. Qualifying individuals can make charitable gifts using pre-tax IRA assets rather than taking a distribution, paying income taxes and using after-tax assets to make a charitable gift.
- An IRA rollover gift can be used to meet all or part of an IRA required minimum distribution.
- A permanent IRA rollover will give qualifying individuals certainty, allowing them to better manage their income, taxes and charitable giving.
- The bill is retroactive to December 31, 2014. If the bill becomes law, and you made a gift directly from your IRA to us at any point during 2015, your gift will qualify as a rollover gift.
We will keep you informed as developments occur. If you are considering making an IRA rollover gift, please give us a call. We would be happy to talk to you more about this wonderful gift opportunity.
