Congress has extended the IRA charitable rollover provisions for 2015 and beyond.
For those who are 70½ or older, any amount up to $100,000 can be distributed tax-free from your Individual Retirement Account (IRA) to Delaware Nature Society or your other favorite charities through December 31, 2015 – and because Congress did not include an expiration date on these provisions, similar distributions can be made in future years as well. This amount can count toward your required minimum distribution for the year in which the distribution is made. Although these distributions are not deductible as charitable contributions on your income tax return, they impact your taxes because they are not treated as taxable income to you.
Here’s How It Works
- You must be 70½ or older at the time of distribution.
- You may distribute any amount up to $100,000 in a calendar year to charity, as long it is completed by December 31 of the year in which you intend to make the charitable distribution.
- Your IRA administrator must make the distribution directly to the charity, or you may write a check payable to the charity from your IRA checkbook. View a sample letter of instructions for your IRA administrator requesting a distribution to Delaware Nature Society.
- If you make a gift to Delaware Nature Society from your IRA, please include written instructions on how you would like to designate your gift by making a note on your IRA check. You can also call us: 302.239.2334 or email Joanne McGeoch with your gift designation.
We recommend you consult with your tax advisor to discuss your particular situation including any impact of your state’s tax laws. Some restrictions may apply.*
* For example, the following transfers will not qualify: distributions to private foundations, to donor advised funds, for life income gifts (e.g., charitable remainder trusts), and for any purpose that entitles you to receive a benefit, such as preferred seating at athletic events or tickets to a dinner.
We’re happy to assist you
For assistance or more information, please contact:
Deputy Director & Chief Development Officer
302.239.2334 x 103