IRA Charitable Rollover: A tax-free opportunity

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SUPPORT YOUR COMMUNITY WITH AN IRA CHARITABLE ROLLOVER

Now that the Individual Retirement Account (IRA) charitable rollover has been retroactively extended by Congress for 2015, you may wish to consider making a gift of IRA assets to Routt County United Way. This tax provision allows American taxpayers ages 70 1/2 and older to donate up to and including $100,000 for 2015 from their IRAs without having to treat the withdrawals as taxable income.

YOUR IRA CHARITABLE CONTRIBUTION WILL HELP IMPROVE LIVES IN OUR COMMUNITY.

As a tax free qualified charitable distribution, IRA charitable rollovers are an attractive way to make an annual end of year gift to Routt County United Way. Individuals can;

  • rollover up to and including $100,000 of their IRA directly to Routt County United Way.

  • without recognizing the transferred assests as taxable income, and

  • the distribution satisfies the required minimum distribution rules.

A few other considerations to keep in mind:

  • Eligible Charities IRA Charitable contributions must go directly to a public charity like Routt County United Way that is not a supporting organization.

  • Eligible Retirement Accounts Distributuiions can only be made from traditional IRAs or Roth IRAs.

  • Directly to Charity Distributions must be made directly from the IRA trustee payable to Routt County United Way or a public charity

  • Written Receipt Routt County United Way will furnish donors with written substantiation of each IRA rollover contribution so that the donor benefirts from the tax-free treatment.

  • Donation The taxpayer does not take a charitable donation deduction.

  • No Gifts In Return Donors cannot receive any goods or services in return for chartiable IRA rollover contributions in order to qualify for tax-free treatment.

For more information, please contact Kate Nowak, Executive Director, at Kate@RouttCountyUnitedWay.org or talk with your tax accountant.