The Charitable IRA Rollover has been passed!
This came to us as great news, but before we get carried away making changes to meet year end dates, there are a few details that you may want to know 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.
- This is retroactive to January 1, 2015. If you have made a gift directly from your IRA to a charity at any point during 2015, your gift will qualify as a rollover gift.
Unfortunately, under current law donor advised funds cannot be the recipient of the IRA charitable rollover.
For more information email Joel Reimer or give us a call at (913) 317-6000.< Back to Updates