IRA charitable rollover for 2015

Congress has just extended the IRA charitable rollover for 2015 and beyond.

Here is a recap of the IRA charitable rollover rules. Your donor can make a direct transfer if:

  1. The donor is age 70½ or older on the day of the gift.
  2. The donor transfers up to $100,000 directly from the donor’s IRA to one or more qualified charities. This opportunity applies only to IRAs and not to other types of retirement plans.
  3. The donor pays no income tax on the gift. The transfer generates neither taxable income nor a tax deduction, so your donors benefit even if they do not itemize their tax deductions.
  4. The gift can satisfy all or part of the required minimum distribution for the year.
  5. The gift may not be used to fund a gift annuity, charitable remainder trust, donor advised fund or private foundation.
  6. The donor does not receive any goods or services in return for the rollover gift in order to qualify for tax-free treatment.
  7. If your donor made a gift of up to $100,000 directly from an IRA in 2015, the gift will qualify under the new law.
  8. The new legislation does not have an expiration date. Your donors can make gifts in 2015 and beyond.

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