How to Take Advantage of Permanent IRA Charitable Rollover

New IRA Rollover enables financial partners to make tax-free IRA gifts

Thanks to a new law, financial partners age 70 ½ or older can once again make tax-favored charitable gifts from a traditional IRA or Roth account. The new law, signed on Dec. 19, 2015, retroactively extends the charitable IRA rollover for 2015—and makes the provision permanent for years to come.

How can you submit a gift from your IRA account?

The bill now makes it possible to directly transfer a total of up to $100,000 per year to one or more qualified nonprofit organizations, like American Bible Society. Gifts given in this manner count toward required IRA minimum withdrawal amounts for the year of the gift.

To give a gift from a traditional IRA account, you should have the gift amount distributed directly from your account to one or more qualified charities. For those with check writing privileges on their accounts, a check may be the most efficient way to make gifts directly from an IRA.

What are the benefits of making a charitable rollover gift?

When you transfer a gift from your traditional IRA account, you do so free of federal income tax. You may also benefit from state income tax savings.

To “double the impact” of your contribution, you can submit a rollover gift of up to $100,000 this year—and make a second IRA rollover gift in early 2016.Because the IRA rollover will be permanent, you can make many more IRA charitable rollover gifts in years to come.

If you have further questions, or would like to speak with an American Bible Society Advisor about planning your gift, contact us at 1-800-549-3328 or giftplanner@americanbible.org

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