IRA Charitable Rollover Now Permanent for Mandatory Annual Distribution
Individuals who are 70 ½ or older can make gifts of up to $100,000 directly from their IRA accounts to one or more qualified charities, without paying federal income tax on the withdrawal. If you wish to make a gift to benefit the ExEL Foundation for tuition assistance for children from families in need so they can receive a high quality pre-K education. Your donation will allow these children to enter kindergarten on an equal footing with other more fortunate children. Here are the specifics:
Donors must be age 70 ½ or older at the time the gift is made.
Donors must request a direct transfer of funds to The ExEL Foundation (a qualified public charity). It is important not to withdraw the funds before making the gift.
Gifts cannot be used to fund a gift annuity or charitable remainder trust.
Each donor may give up to $100,000 per year.
Gifts can be used to satisfy the donor’s minimum distribution.
Donors who choose to exclude the distribution from income on their federal tax returns will not receive a charitable income tax deduction.
To qualify for tax-free treatment, donors cannot receive goods, services, or a personal benefit (such as tickets to events, trips, etc.) in return for the IRA rollover gift.
Please contact the ExEL Foundation’s Planned Giving Representative, Brian Ingvalson, at firstname.lastname@example.org if you have any questions about giving from your IRA. If you are interested in this opportunity the ExEL Foundation will provide you with a donor form which allows you to indicate how you want your gift for children in need to be used. Your gift can be dedicated to a specific school or a specific child in need.
The ExEL Foundation, Inc. cannot give tax or legal advice. Please consult your own professional tax advisor about the best way to take advantage of this opportunity.