IRA Charitable Rollovers with First Pres
On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes (PATH) Act of 2015, which reinstated the IRA Charitable Rollover permanently, retroactive to January 1, 2015. This gives you an opportunity to make a gift of up to $100,000 from your IRA to a public charity or local church like First Presbyterian Church of Orlando.
If you are over 70 1/2 years old, you have the opportunity to make a gift of up to $100,000 each year from your IRA to a public charity(s) or local church. Owners of Traditional or Roth IRAs who have attained the age of at least 70 ½ (on the date of distribution) may distribute directly from their IRA to charity up to $100,000 per year and exclude the contributed amount from their gross income for tax purposes. This amount can be counted towards the IRA’s annual required minimum distribution.
So, now that I qualify and my IRA qualifies, how do I do this?
- Contact your IRA custodian and guide the custodian to make the check payable directly to First Presbyterian Church of Orlando and send to 106 E. Church St., Orlando, FL 32801.
- Retain your distribution receipt from your custodian and your FPCO contribution statement.
- Work with your accountant to determine the exclusion on your tax return and any net taxable income amount which will need to be included on your IRS Form 1040.
If you have any questions please call or email Tom Levesque, Director of Finance at 407.423.3441.