There is good economic news for seniors interested in making a charitable gift to Bethesda thanks to a recent tax code amendment that included a permanent extension of the IRA charitable rollover.
Donors age 70½ or older can again make tax-free charitable gifts of up to $100,000 per year directly from their Individual Retirement Accounts (IRAs) to eligible charities.
HOW IT WORKS:
Taxpayers age 70½ and older are required to take annual distributions from their IRAs, which then are included in their adjusted gross income and subject to tax. The IRA charitable rollover permits taxpayers to make donations directly to charitable organizations from their IRAs without counting them as part of their AGI. This rollover distribution counts toward the required minimum distribution for IRA holders.
To make a gift to Bethesda using the IRA charitable rollover:
• Contact your IRA administrator and authorize them to send a check from your IRA directly to the Bethesda Foundation of Willmar.
• Ask your IRA trustee or administrator to clearly reveal this is an IRA rollover provision gift for 2015 and identify you as the IRA account owner.
• Transfers must be made by December 31st to quality for the year 2015
• Send your IRA Charitable Rollover gift to:
901 Willmar Avenue SE
Willmar, MN 56201
Please contact Stefanie with the Bethesda Foundation at 320-214-5600 or [email protected] if you have questions. As always, Bethesda encourages you to work with your financial adviser to ensure you receive the correct tax benefits.