Congress today passed legislation that once again allows tax-favored gifts from IRA accounts. This is a great way to help pets and save on taxes. Under the new legislation (which is expected to be signed by the President shortly), a gift transferred directly from a donor’s IRA account to OHS at any point during 2015 will qualify as a rollover gift.
The rollover provision allows IRA holders to satisfy the minimum required distribution without generating taxable income. The rollover provision, which applies to those over 70 1/2 years of age, can be used for gifts of up to $100,000. Because the rollover funds withdrawn from the IRA are not taxable to the donor, there is no charitable deduction.
To count as an IRA charitable rollover, it is important not to withdraw the funds prior to the gift but to instead have your IRA administrator make the distribution directly to the charity.
To plan your charitable IRA rollover to OHS, please email our team, or your IRA administrator.
Find out if an IRA Rollover is right for you, visit our Retirement Assets page.
