Notice: IRA Charitable Rollover Available

December 23, 2014

Special tax-free gift option for 2014

For those over age 70½, it is once again possible to make tax-favored charitable gifts from IRA accounts.

On December 19, legislation was signed into law that extends this special opportunity for gifts completed in 2014. Amounts given in this way will count toward your Required Minimum Distribution (RMD) for 2014.

A total of up to $100,000 can be transferred directly from IRAs to your favorite Episcopal congregation or other Episcopal charities free of federal income tax. There may also be state income tax savings. You won't get a tax deduction for the transfer, but you will be able to exclude the transfer amount from your Adjusted Gross Income.

To make such gifts, it is important not to withdraw funds prior to a gift, but distribute them directly from an IRA to one or more qualified charities by December 31, 2014. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA. This also applies to gifts previously made in 2014 directly from your IRA to a charity.

Check with your IRA administrator or your professional advisors for more information or e-mail us at giving@episcopalfoundation.org.