Great News for Anyone Age 70½ with an IRA!
Congress voted this week to reinstate the the IRA charitable rollover permanently and President Obama has signed the bill into law. If you are age 70 ½ or older, you may transfer up to $100,000 this year directly from your individual retirement accounts to qualified public charities, such as the Jewish Community Foundation — and double your impact by transferring up to $100,000 again beginning in January 2016! Married couples can each donate up to $100,000 annually from their individual IRA accounts.
Otherwise taxable amounts rolled over are free from federal income tax and count toward your annual required minimum distribution. Rollovers for 2015 must be completed by December 31. If you are eligible, it is a wonderful opportunity for you to use your IRA to accomplish your philanthropic goals.
Your IRA Charitable Rollover can be used to establish or add to an endowment fund to support your favorite program or institution through the Jewish Community Foundation.
There are a few requirements to qualify for this tax-free treatment:
- You must be age 70½ years or older.
- The transfer from your IRA must go directly from your IRA to the Jewish Community Foundation of Greater Phoenix.
- The gift must be an outright gift, so it cannot be contributed to a donor advised fund or used for charitable gift annuities, or charitable remainder trusts.
For more information on the IRA Charitable Rollover or other year-end giving opportunities, contact JCF President & CEO, Richard Kasper.