IRA Charitable Rollover
In 2015,the Protecting Americans from Tax Hikes (PATH) Act became law, and among the beneficiaries were charitable Americans age 70 1/2 or older and their favorite charities.
Now the IRA Charitable Rollover provision is permanent, allowing individuals who have reached age 70½ to donate up to $100,000 each year to charitable organizations directly from their Individual Retirement Account (IRA), without treating the distribution as taxable income.
Since the IRA Charitable Rollover provision was first introduced, The Community Foundation has fielded a number of calls from prospective donors — especially those new to having to take the required minimum distribution from their IRA. Scholarship funds have been the most common fund type to benefit from these gifts, but there are several other fund types eligible to receive these gifts.
The Community Foundation staff is just a phone call away at 615-321-4939 to help you learn how an IRA Charitable Rollover can help reduce your taxable income and fulfill your charitable goals.
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