The IRA Charitable Rollover has been extended for 2014!
This legislation was just passed a few days ago and there will be very short window in which you may be able to complete an IRA Charitable Rollover and I thought it important to share some information with you immediately so you can be prepared to act.
The provision (when signed) will allow individuals age 70½ or older to make tax-free gifts totaling up to $100,000 from a traditional IRA account directly to qualified charities, provided they are completed by 12/31/14. If your spouse has IRA accounts, you may each make gifts of up to $100,000 from these accounts. While you cannot claim a charitable deduction for IRA gifts, this distribution from your IRA counts towards you 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 Grand Rapids Community Foundation. A contribution to a Donor Advised Fund is not allowed.
In order to begin to complete an IRA Charitable Rollover for 2014, 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.
If you need additional assistance, please contact Marilyn Zack at 616.454.1751 or firstname.lastname@example.org If you do plan to complete an IRA Charitable Rollover for the Community Foundation please let us know so that we can look for it. Thank you for considering a gift to support our work this year. Your dedication and support are sincerely appreciated.