IRA Charitable Rollover

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 ACT NOW! Don't miss this opportunity to make a difference with your IRA gift!

On December 18, 2015, the Protecting Americans From Tax Hikes (PATH) Act of 2015 was passed into law, making the IRA Charitable Rollover permanent and retroactive to January 2015.

Under the recently reinstated law, you may move up to $100,000 from your IRA directly to a qualified charity such as Columbia St. Mary's Foundation without having to pay income taxes on the money.

How It Works

  • If you are 70 1/2 or older, you can give up to $100,000 directly from your IRA to a qualified charity such as Columbia St. Mary's Foundation. The public charity may not be a supporting organization or a donor advised fund.

  • The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.

  • Transferring the amount directly to charity rather than taking a distribution and writing a check to charity results in a lower adjusted gross income. This may save both ordinary tax and alternative minimum tax.

  • The PATH Act only applies to IRA Charitable Rollovers. No other retirement plans or planned giving vehicles apply. 

  • If you have not taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.

  • The transfer may be made in addition to any other charitable giving you have planned.

  • If you made a gift to a qualified charity of up to $100,000 directly from your IRA in 2015, your gift will qualify under the new law. Contact your adviser to ensure your gift if properly reported on your 2015 income tax returns. 

  • The gift needs to be made by December 31, 2015, if you want your gift to qualify this year. You may make additional gifts in 2016 and beyond. 

If you are interested in this unique opportunity to help further our mission to care for the health of our patients and our community, you may call Nichole Gladney, Director of Philanthropy, at 414-585-4905. 

Click here for a sample IRA Rollover Request Letter to help you facilitate this gift. 

 

 


 

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