IRA Charitable Rollover
Donors age 70.5 and over have a smart giving option – the IRA Charitable Rollover. A simple one-step distribution from your IRA to the American Association for Cancer Research (AACR) is all it takes. The distribution counts toward your yearly required minimum distribution. Plus, the rollover is never counted as income for federal tax purposes.
The entire distribution goes to support the work of the AACR. It is a smart and beneficial way to use the yearly distribution you are required to take.
Now you can reliably plan charitable IRA rollover gifts, year after year. On December 18, 2015, the White House signed legislation indefinitely extending the charitable IRA rollover, making it retroactive to January 1, 2015, with no expiration date. The law allows individuals 70.5 or older to transfer up to $100,000 tax-free from an IRA directly to a charitable entity like the AACR to support lifesaving cancer research.
How Can I Make an IRA Rollover Gift?
Contact your IRA plan administrator to make a gift from your IRA to the AACR. You can complete a form letter and provide it to your IRA administrator to expedite your donation. The gift must be made directly to the AACR Foundation from your IRA by December 31 to be counted as an IRA distribution in the given year.
Please see Frequently Asked Questions (FAQs) about the IRA Charitable Rollover, or contact us today about this unique way to make a difference.
Aruna K. Pappu, Esq.
Email: [email protected]