IRA Charitable Rollover Gifts Permanently Extended — Use Your Traditional IRA to Make Your Charitable Gifts
The IRA Charitable Rollover provides you with an excellent opportunity to make a gift during your lifetime from an asset that would otherwise be subject to multiple levels of taxation if it remained in your taxable estate. To qualify:
● You must be age 70½ or older at the time of gift.
● Transfers must be made directly from a traditional IRA account by your IRA administrator to Project SHARE. Funds that are withdrawn by you and then contributed do NOT qualify. Gifts from 401k, 403b, SEP and other plans do not qualify.
● Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.
Benefits — qualified charitable distributions:
● Can total up to $100,000.
● Are not included in your gross income for federal income tax purposes on your IRS Form 1040 (no charitable deduction is available, however).
● Count towards your required minimum distribution for the year from your IRA.
To execute an IRA Charitable Rollover with Project SHARE
We 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.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.