Donors age 70½ or older can once again make a rollover gift of up to $100,000 from their IRA!
The President recently signed into law legislation that retroactively extends the charitable IRA rollover for 2015 and makes this provision permanent for future years. A total of up to $100,000 can be transferred directly from IRAs to one or more qualified charities such as Presbyterian Senior Living, free from federal income tax each year. There may also be state income tax savings.
A simple letter will instruct your IRA administrator to transfer the amount you desire to the charity you specify. See the sample letter.
Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift. Check with your IRA administrator or your tax advisor for more information on how to make such gifts.
Please contact the Office of Resource Development at (800) 382-1385 for more information.