IRA Charitable Rollover Resources

On December 16, 2014 the United States Senate passed the Tax Increase Prevention Act of 2014 (H.R. 5771). The bill includes a one year extension of expired tax provisions retroactive to January 1, 2014, one of which is the reauthorization of the IRA Charitable Rollover.

Through December 31, 2014, individuals age 70 ½ and older are able to transfer up to $100,000 from their IRA to a qualified public charity. The transfer will be made free of federal income tax and the gift qualifies for your 2014 required minimum distribution (RMD). Gifts may be transferred directly from traditional, rollover, and Roth IRAs. 

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.

 

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.