Staff

 

Laura Heintzelman
President & CEO
(231) 723-7269

IRA Rollover is Permanent

Make the Gift of a Lifetime

Turning Retirement Accounts into Charitable Good

There is good news for community foundation donors in their 70s—and for the communities and causes they care about. A permanent law makes it possible to give individual retirement account (IRA) assets to charity, free from federal tax, annually. Prior to 2006, all lifetime distributions from IRAs were taxed—even those given to charity.

As such, our donors can give far more with less! This may be an attractive giving option for you if you are:

  • Over 70½ and now receiving minimum IRA distributions—but do not need the extra income.
  • Interested in making a significant lifetime gift to impact your community.

The Pension Protection Act of 2006 permitted individuals to roll over up to $100,000 from an IRA directly to a qualifying charity without being taxed. On December 18, 2015 Congress passed the PATH Act, making permanent this unique charitable giving opportunity. Single and married individuals 70½ and older are eligible to give in this way from their individual retirement accounts.