The IRA charitable rollover legislation allows you to transfer gifts up to $100,000 per individual using funds from your individual retirement account (IRA) without undesirable tax effects.
You may contribute funds this way if:
A. By making a gift this year of up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to. Moreover, you can fulfill any outstanding pledge you may have already made by transferring that amount from your IRA under this legislation as long as it is $100,000 or less for the year.
A. No. The legislation requires you to reach age 70½ by the date the gift is made.
A. Yes. Direct rollovers to a qualified charity can only be made from an IRA. If you have a pension, profit sharing, 401(k) or 403(b) plan, you must first rollover all or a portion of that plan to an IRA. You can then use the funds from the IRA to complete the direct IRA rollover to qualified charity. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.
A. Yes. If you have not yet taken your required minimum distribution, the charitable IRA rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.
A. No. You can give any amount under this provision, as long as it is $100,000 or less this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.
A. If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his or her IRA.
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