Congress passed the IRA Charitable Rollover into permanent law providing a great option for donors 70 ½ years and older. The law allows individuals who are 70 ½ and older to transfer up to $100,000 from their individual retirement accounts to a qualified charitable organization without being subject to income taxes on the distribution.
•Donors must be 70 ½ or older.
•Donors can transfer up to $100,000 from their IRAs directly to a qualified charity such as the Forest Park Conservancy.
•Donors pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so donors benefit even if they do not itemize their tax deductions.
•The gift can satisfy the donors' required minimum distributions for the year.
•If donors made a gift of up to $100,000 from their IRAs anytime in 2015, the gift will qualify under the law.
•Donors who have not yet made such a gift but would like to take advantage of the opportunity in 2015 must contact their IRA administrators right away.
Gifts for the 2015 tax year must be made by December 31, 2015.
If you want to take advantage of this opportunity before the end of the year, we suggest you contact your financial adviser today or call us at 503-223-5449.
The Forest Park Conservancy is a qualified charity for IRA rollover gifts. Our tax identification number is 94-3103055.