IRA Charitable Rollover - Act Now! On December 18, 2015, President Obama signed a law that allows you to make a tax-free gift to us from your IRA. Known as the IRA charitable rollover, this law has been reinstated for all of 2015 and will remain in effect for 2016 and beyond. Ifyou have already made this type of gift in 2015, you're in luck! But if you've been waiting to make your IRA transfer thi s year, you must act right now to take advantage of this opportunity.
It's Not Too Late Under the recently reinstated law, you may move up to $ 100,000 from your IRA directly to a qualified charity such as the Cathol ic Diocese of Fort Worth Advancement Foundation to benefit a parish, school, or other ministry or program of the Diocese of Fort Worth without having to pay income taxes on the money.
How It Works
If you are 70 years or older, you can give up to $ 100,000 directly from your IRA to charity.
The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.
Ifyou have not taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
The transfer may be made in addition to any other charitable giving you have planned.
If you made a gift to a qualified charity of up to $ 100,000 directly from your IRA in 2015, your gift will qualify under the new law.
The gift needs to be made by Dec. 31, 2015, if you want your gift to qualify this year.
If you have already made a qualifying gift in 2015, contact your advisor to make sure your gift is properly reported on your 2015 income tax returns.
Contact for Questions or More Information
Pat Miller, Associate Director, Advancement Foundation Phone: 817-945-9441 Email: pmiller@advancementfound ation.org