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Use your IRA to benefit your favorite charity

Posted on December 21, 2015

The charitable “tax extenders” is no longer an “extender,” but has become a permanent part of our tax code!

The Foundation is able to immediately begin accepting IRA Charitable Rollover gifts from individuals age 70 ½ and up, up to $100,000, and there is no tax on the withdrawal. This benefit is available to all taxpayers regardless of whether you itemize your deductions.

As IRA donors are facing a year-end deadline for 2015, here’s what many need to know:

  • The assets must be transferred directly from the IRA custodian, such as a bank or brokerage, to the Foundation.
  • To qualify for the break, the donation must be to the charity and not to a donor-advised fund, a grant-making foundation, or a charitable gift annuity.
  • There can be no benefit back to the taxpayer from the charity, even a dinner or a favor.
  • The IRA donation can fulfill an existing pledge to the charity.
  • The $100,000 limit is per person, so each partner in a married couple can donate up to that amount if each has an IRA.
  • The taxpayer must have proper proof of the IRA transfer in hand before filing his tax return. For more information, see IRS Publication 526.

  • Use this infograph as a guide in making IRA Charitable Rollover gifts to the Community Foundation. We encourage you to review your tax situation with your advisor, as the Foundation does not give tax or legal advice.

    IRA infographic

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    Community Foundation of St. Clair County
    Community Foundation of St. Clair County 500 Water St.Port Huron, MI 48060 (810) 984-4761 Fax (810) 984-3394

    Community Foundation of St Clair is a 501(c)(3) and all donations are tax deductible. EIN 38-1872132

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