IRA Rollovers

IRA Rollovers

How can I rollover my IRA to a charitable organization?


Individuals over age 70 ½ may directly transfer up to $100,000 per year from an IRA account to one or more charities. In 2015, the IRA Charitable Rollover was made a permanent provision of the tax code. 


Individuals can now rely upon the rollover provision permanently without having to worry if the provision has been extended. This only applies to IRAs and no other types of retirement plans. As the donor, you pay no income tax on the gift and the transfer generates neither taxable income nor a tax deduction, so donors benefit even if they do not itemize their tax deductions. 


The donor cannot receive any goods or services in return for the rollover gift in order to qualify for tax-free treatment. The gift may not be used to fund a gift annuity, charitable remainder trust, donor advised fund, or private foundation. 


Talk to your financial advisor about charitable IRA rollovers, or call the VNA Foundation office at 732-224-6780.


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