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Important Update - IRA Charitable Rollover

Important Update - IRA Charitable Rollover

On December 19, President Obama signed into law a one-year extension (retroactive to 2014 only) of the Ira Charitable Rollover tax provision. The IRA Charitable Rollover provision allows individuals age 70 1/2 and older to donate up to $100,000 from their Individual Retirement Accounts to public charities without having to count the distributions as taxable income.  

For those 70 1/2 and older, this provision may be a way to make a meaningful charitable contribution in a tax efficient way, but you will only have until December 31st to take action. 

To make such gifts, it is important not to withdraw funds prior to a gift, but to distribute them directly from an IRA to one or more qualified charities. \

There are some limitations, so we encourage you to consult with your tax or financial professional before making a distribution from your IRA. 

If you have any questions, please do not hesitate to contact the Foundation at 860-523-7460. 
 


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