Newly enacted legislation, HR 2029, dubbed the Protecting Americans from Tax Hikes Act of 2015, permanently extends the IRA Charitable Rollover for 2015 and going forward.
Due to the short window in which you can complete an IRA Charitable Rollover for 2015, we thought it important to share this information with you immediately.
The provision allows individuals age 70½ or older to make tax-free gifts totaling up to $100,000 from a traditional IRA account directly to our organization, provided they are completed by 12/31. If your spouse has IRA accounts, you may each make gifts of up to $100,000 from these accounts. While you cannot claim an income tax charitable deduction for an IRA charitable rollover, this distribution from your IRA counts toward your minimum required distribution for the account and does not trigger income tax for you. It is a tax-free transfer from the IRA account directly to the Broward Education Foundation.
In order to complete an IRA Charitable Rollover for 2015, please contact your IRA provider for exact instructions. Such transactions usually take a few weeks, but the provider should be able to fast-track such a transaction because Congress and the President acted so late this year.
If you need additional assistance, please contact me at 954-235-3477. If you do plan to complete an IRA Charitable Rollover for our organization, please let us know so that we can look for it. Thank you for considering a gift to support our mission this year. Your dedication and support are sincerely appreciated.
Thomas Severino, President and CEO
Broward Education Foundation