IRA Charitable Rollover Permanently Extended
Published: December 18, 2015

Special tax-free gift option

For those aged 70½ or older, it is once again possible to make charitable gifts from traditional and Roth IRA accounts.

On December 18, Congress passed legislation retroactively extending the charitable IRA rollover for 2015 and makes this provision permanent for future years. A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to one or more qualified charities, such as Baptist Mid-Missions 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 make such gifts, it is important to not withdraw funds prior to a gift, but have the gift amount distributed directly from an IRA to one or more qualified charities. 

Check with us, your IRA administrator or your advisors for more information.