Charitable IRA Rollover
Because of new legislation extending the Charitable IRA, qualified American seniors can make the gift of a lifetime by transferring a portion of their individual retirement accounts (IRAs) to charity, free from federal tax. Qualified IRA holders can transfer up to $100,000 annually without incurring income taxes today or estate and income taxes in the future. If married, each spouse can transfer up to $100,000 from his or her IRA annually.
Schuylkill Area Community Foundation is pleased to help members of our community give in this way. Americans age 70½ or older can make tax-free IRA contributions to certain public charities such as Field of Interest, Unrestricted or Designated funds at the community foundation.
Gifts to Donor Advised Funds, Supporting Organizations and Private Foundations do not qualify for preferential tax treatment.
Your clients may be interested in this charitable opportunity if they:
- Are subject to a 50 percent of income charitable deduction limitation
- Take the standard deduction on their tax return.
- Accept minimum distributions from an IRA and have alternative sources of income.
- Are planning to leave a charitable legacy through an estate plan.
- Have designated a favorite charity as beneficiary of retirement assets.
- Care about the community and want to know their gifts will make a difference.
Though the legislation has extended charitable possibilities for IRAs, it remains prudent for wealth advisors to analyze each client’s unique situation to determine the best assets to give. Charitable IRA transfers are just one way the Community Foundation can work with you to help your clients achieve their personal, financial and charitable goals. We are a trusted organization your clients can use to address the issues they care about most, while gaining maximum tax benefit under state and federal law.
