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IRA CHARITABLE GIFT ROLLOVER
Request a contribution envelope by emailing Cathy Hulett at email@example.com. If you forgot your regular envelope, you may always use a blue and white temporary envelope, available in the Gathering Space.
Find out more about Online Giving and never worry about remembering your envelope.
Support our Catholic Services Appeal. The CSA program supports everything from Youth Ministry to Religious Education to Pastoral Ministry. Your support is critical!
- Support our St. Vincent de Paul ministry to help those in need in our community.
- Congress recently extended the favorable IRA charitable rollover tax provisions for 2015 and made them permanent for future years. What should a donor over age 70½ do in order to get the benefit that IRA distributions will not be included in taxable income? Donors should follow the same general procedures for IRA charitable distributions as in the past.
- Only direct distributions to charity up to $100,000 qualify as tax-free. Distributions in exchange for a charitable gift annuity or to a charitable remainder trust would not qualify.
- It is especially important that the IRA distribution be made payable to the charity, not to you as the IRA owner and beneficiary. Otherwise, the distribution would not qualify for the favorable tax treatment.
- Only distributions from traditional or certain Roth IRAs would be tax-free; the law does not apply to other qualified retirement plans, such as 401(k) plans.
- However, you should consider consulting with your financial or tax advisor about the possibility of transferring funds from one of these other qualified plans to establish an IRA, with the distribution to charity coming from the newly established IRA.