The charitable "tax extenders" are no longer "extenders" that must be reinstated each year, but have become a permanent part of our tax code. In an historic vote, Congress passed the IRA Charitable Rollover into permanent law, making it available to donors and charities for the foreseeable future.
For those aged 70½ or older, it is once again possible to make tax-favored charitable distributions from traditional and Roth IRA accounts directly to the Orange Catholic Foundation.
On December 18, 2015, the Senate passed and the President signed legislation retroactively extending the charitable IRA rollover for 2015 and making this provision permanent for future years. A total of up to $100,000 per individual, per year, can be transferred directly from traditional or Roth IRAs to one or more qualified charities, such as the Orange Catholic Foundation, free from federal income tax each year. There may also be state income tax savings. Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift.
To benefit from the IRA Charitable Rollover it is important that donors have the gift amount distributed directly from an IRA to the Orange Catholic Foundation. Donors who take the distribution themselves may be subject to taxes on the amount distributed. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA to the Orange Catholic Foundation.
for our IRA Charitable Rollover Instructions and Form.
For more information, speak with your IRA administrator or your tax adviser or contact us at 714.282.3134 or plannedgiving@OrangeCatholicFoundation.org.
This information is intended to be general in nature. Please discuss your 2015 tax planning with your accountant or other professional adviser.
Wishing you a Blessed Advent and a Merry Christmas!