IRA Charitable Rollover Resources

On January 1, 2013, Congress passed the American Taxpayer Relief Act (ATRA) of 2012. The Act includes a number of provisions, one of which may be of special interest to you - the IRA Charitable Rollover.

Since 2006, individuals age 70 ½ and older have been able to make a qualified charitable distribution (QCD) up to $100,000, tax-free, directly from their traditional, rollover, and Roth individual retirement accounts (IRAs). The ATRA of 2012 included an amendment that extended and expanded this opportunity for tax years 2012 and 2013.

The IRA Charitable Rollover was extended through December 31, 2013 for the 2013 tax year. 

The IRA Charitable Rollover is an opportunity for you to invest in the future of Grand Valley while being able to take advantage of the tax benefits. Consult with your personal financial or legal advisors to determine if the IRA Charitable Rollover would benefit you and your philanthropic goals.

 

IRA Charitable Rollover Quick Facts

  • Individuals who are age 70½ or older at the time of the contribution qualify.
  • Deductible contributions can be made to tax exempt organizations that are classified as 501(c)(3) charities, including Grand Valley.
  • $100,000 can be transferred for the 2013 tax year. The provision expires on December 31, 2013.
  • IRA Rollovers count towards your minimum required distribution for the year.
  • IRA Rollover gifts can be designated to specific Grand Valley funds.
  • Grand Valley will give you full credit for the entire amount of your gift.

 

Contact your IRA administrator today to learn their procedures for IRA Rollovers. We also offer a sample letter you can send to your plan provider to initiate a rollover. Make sure that you contact us when you direct the rollover so we can look for the check from your IRA administrator.