Congress recently reinstated a law that allows a tax-free gift from your IRA (Individual Retirement Account). Called a charitable IRA rollover, this law no longer has an expiration date so you are free to make annual gifts from your IRA today and going forward. If you’ve been waiting to make your IRA transfer, there’s not a lot of time left in 2015 to get it done.
The law allows individuals 70½ and older to transfer up to $100,000 from their individual retirement accounts to a qualified charitable organization without being subject to income taxes on the distribution. But to qualify for this year the transfer must be made by Dec. 31. You may contribute funds this way if:
You are age 70½ or older at the time of the gift.
You transfer up to $100,000 directly from your IRA. This opportunity applies only to IRAs and not other types of retirement plans.
You transfer the funds outright to one or more qualified charities. The legislation does not permit direct transfers to charitable trusts, donor advised funds, charitable gift annuities or supporting organizations.
Trillium House’s information you will likely need to make a gift to support us is:
EIN # – 46-3943193
(this number identifies Trillium House as a tax-exempt organization by the IRS)
Gift of Stock – DTC # 0057 & our Brokerage Acct. # – 22416063-1-4
Address – PO Box 7115, Marquette, MI 49855
It’s always a sound practice to consult with a tax professional when considering a charitable gift.