IRA Rollover Extended for 2014

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 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.