Charitable IRA Rollover Options

In December 2016, federal legislation was signed into law allowing a permanent reinstitution of the Charitable IRA Rollover tax code provision. This allows individuals to transfer a tax-free donation directly from an IRA account to their charity of choice.

Please consider this option as a way to give to Innovative Community Living and help us achieve our goal of creating inclusive, supportive neighborhoods for those with I/DD.

The IRA charitable rollover rules are as follows:

  • You are age 70 ½ or older on the day of the gift.
  • You may transfer up to $100,000 directly from your IRA to Innovative Community Living and any other qualified charities combined.
  • This option applies only to IRA accounts and no other retirement plans.
  • This donation is entirely tax-free.  You may not deduct it from your yearly taxes. There is no taxable income and no tax deduction –  you benefit even if you do not itemize your tax returns.
  • Your donation my meet all or part of your required minimum distribution (RMD) for the taxable year.
  • Your gift may not be used to fund a gift annuity, charitable reminder trust, donor advised fund or private foundation.
  • To qualify for tax-free benefits, you may not receive any goods or services in return for the rollover contribution.

*ALWAYS CONSULT YOUR TAX ADVISOR REGARDING YOUR PERSONAL FINANCIAL CIRCUMSTANCES BEFORE MAKING ANY DONATION OR TRANSFER. 

Please contact us if you have any questions.

Thank you for your donation!

 

“You cannot do a kindness too soon because you never know how soon it will be too late.”

-Ralph Waldo Emerson

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P.O. Box 7203, Wilmington, DE 19803
ed.gootzait.icl@gmail.com
susan.patel.icl@gmail.com