IRA charitable rollovers are back
December 2015 - On December 18th, Congress renewed the Charitable IRA Rollover - permanently reinstating these tax-free distributions for eligible individuals.
People age 70-1/2 and older can transfer up to $100,000 from their IRAs tax-free to charity and count the gift toward their required minimum distribution without having to recognize the amount contributed as part of their gross income. Donors can take advantage of this opportunity for 2015 by doing the following:
Transferring the money directly from their IRA accounts to charitable organizations like the Land Trust.
Remembering that only traditional, rollover, and Roth IRAs (the latter must have been open for at least five years and meeting other conditions) can be the source of such transfers.
Making these transfers by December 31, 2015 (for the 2015 tax year).
Donors who must take required distributions from their IRA accounts during 2015 may want to consider using the charitable rollover in lieu of some or all of their required distributions.
When you talk with your financial adviser or IRA agency to request a charitable rollover, the following information may be helpful. Charitable contributions to Palouse Land Trust are directed to:
Palouse Land Trust, Inc.
PO Box 8506
Moscow, ID 83843
IRS Tax ID: 94-3219418
For more information, contact Amy Trujillo, Executive Director, email@example.com, 208-669-0722.