IRA Charitable Rollover

If you are 70½ years of age or older, you can take advantage of a simple way to benefit the SLSO and receive tax benefits in return. The IRA Charitable Rollover allows you to make direct transfers from your individual retirement account, totaling up to $100,000 per calendar year to qualified public charities, without having to count the transfers as income for federal tax purposes. No tax deduction may be taken, but distributions will qualify for all or part of the required minimum distribution.

Under the new tax law, this giving opportunity is particularly attractive if you do not itemize your deductions.

TO QUALIFY

• You must be 70 ½ years of age or older when the distribution is made.
• Transfers must be made directly from your IRA account by your IRA administrator.
• IRA gifts cannot be used to fund a gift annuity, charitable remainder trust, a donor advised fund, or a private foundation.

TAX BENEFITS

• Individuals may transfer up to $100,000 ($200,000 per couple) each calendar year to a qualified public charity.
• Transfers are excluded from gross income for federal income tax purposes. You do not receive a charitable deduction.
• A charitable rollover gift from your IRA will count toward your minimum distribution requirement for the year in which you made the gift.

Please consult your tax professional if you are considering a gift from your IRA account under the extended law.