Exciting Tax News

This week Congress passed a tax extender bill, and the President has signed it into law. The bill includes a permanent extension of the IRA rollover!

There are a few details that I wanted to share with you about the bill and the IRA rollover:

  • The IRA rollover allows donors 70½ or older to transfer up to $100,000 directly from their IRA to charity each year.
  • An IRA rollover gift is a tax-exempt distribution. Qualifying individuals can make charitable gifts using pre-tax IRA assets rather than taking a distribution, paying income taxes and using after-tax assets to make a charitable gift.
  • An IRA rollover gift can be used to meet all or part of an IRA required minimum distribution.
  • A permanent IRA rollover will give qualifying individuals certainty, allowing them to better manage their income, taxes and charitable giving.
  • The bill is retroactive to December 31, 2014. If you made a gift directly from your IRA to MAF at any point during 2015, your gift will qualify as a rollover gift.

If you are considering making an IRA rollover gift, please give me a call or email. I would be happy to talk to you more about this wonderful gift opportunity.

Aaron Bear
Director, Planned Giving

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