On December 18, 2015, Congress passed the PATH Act 318 - 109 making the IRA Charitable Rollover a permanent incentive for charitable giving in the federal tax code. Previously, the provision was up for re-authorization every two years as part of the Pension Protection Act of 2006.
The IRA charitable rollover legislation allows you to transfer lifetime gifts up to $100,000 from your individual retirement account (IRA) without undesirable tax effects.
You may contribute funds from your IRA if:
- You are age 70 ½ or older at the time of the gift.
- You transfer funds directly from your IRA. This opportunity applies to IRAs and not other types of retirement plans.
- You transfer funds outright to OSBF or other qualified charities. The legislation does not permit transfers to charitable trusts, donor advised funds or charitable gift annuities.
If you would like more information, contact Tammy Savage at email@example.com or 614-487-4477.
The information featured on this website is intended for educational and informational purposes only and does not constitute legal, accounting or other professional advice. Always consult your legal, tax or other professional advisor(s) before implementing a planned gift including an IRA rollover donation.