FOR IMMEDIATE RELEASE
For more information, contact:
Lisa Rupple, communications coordinator
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Office 440.984.7390
On December 19, 2015, the President signed the PATH Act (Protecting Americans from Tax Hikes) making the IRA Charitable Rollover and two other charitable giving incentives permanent law.
This allows seniors to make the gift of a lifetime, tax-free, by donating from their individual retirement account (IRA).
Implications:
1. The bill makes the IRA rollover retroactive to December 31, 2014.
2. The bill makes the IRA rollover permanent.
3. Donors will be able to better manage their income as well as their charitable giving. Gifts transferred directly from a donor’s IRA to a 501(c)(3) nonprofit at any point during 2015 will qualify as a rollover gift.
4. These gifts (up to the $100,000 limit) are both tax-exempt and the amount of a rollover gift can be used to meet the donor’s required minimum distribution.
IRA Rollover Details:
• Age 70 ½ or older on date of gift
• Must be a direct transfer to the charity
• Permits charitable gifts of up to $100K per person. If married, each spouse can transfer up to $100,000 from his/her IRA.
• Counts as required minimum distribution
• No federal or state income tax today, or in the future
• Traditional or Roth IRAs only
• Excludes gifts to Donor Advised Funds and Supporting Organizations
For more information, contact Danielle Locke, CAP®, MPA, Advancement Officer, at 440.984.7390 or email This email address is being protected from spambots. You need JavaScript enabled to view it..