Important News About Giving at Year End
The so-called “charitable IRA rollover provision” has just been reinstated for 2015 and made permanent for future tax years. You may need to roll some money out of one of your traditional IRAs or Roth IRAs to meet the annual minimum required distribution (MRD) for this year.
Now that the law has been made retroactive for 2015, here is how a charitable gift IRA rollover works—
If you are 70-1/2 years of age or older at the end of 2015, you may make a distribution from your IRA for up to $100,000 to a church or charity of your choice on or before the end of 2015.
The funds must go directly from your IRA trustee payable to the church or charity to qualify for a tax-free rollover. While there is no charitable deduction for you, the tax-free rollover will count toward your (MRD), and there is no income to report from deferred gains related to the amount donated.
Please consult with your tax or financial advisor concerning how the rules for charitable IRA rollovers apply to your specific tax situation. If you have questions about giving at First Pres, please contact Tom Levesque at 407.423.3441. Thank you for your continued generosity to this church family!