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!