BREAKING NEWS! CHARITABLE IRA ROLLOVER Extended

CHARITABLE IRA ROLLOVER extended for those 70 ½+ — BUT ONLY THROUGH DEC. 31, 2014!

The Charitable IRA Rollover was signed into law last week. Donors age 70 ½ and older may now transfer up to $100,000 from their IRA to a qualified public charity. This provision is in effect only through December 31, 2014, so if you want to take advantage of this, you will need to act now!

The transfer is not subject to federal income tax and qualifies for the donor’s 2014 required minimum distribution (RMD).

The reauthorization of the IRA charitable rollover is retroactive to January 1, 2014, and effective through December 31, 2014.

A few other details:

  • If your spouse has IRA accounts, you may each make gifts of $100,000 from these accounts.
  • While you cannot claim a charitable deduction for IRA gifts, this distribution from your IRA counts toward your minimum required distribution for the account and does NOT trigger income tax for you. It is a tax free transfer from your account directly to the Keewaydin Foundation.

How to complete this rollover gift:

Contact your IRA Provider to authorize the qualified charitable contribution from your IRA #____. Tell them to authorize a check in the amount of $— payable to KEEWAYDIN FOUNDATION, EIN 04 272 1019. Indicate to your provider that this distribution must occur before December 31, 2014, and all gifts must be postmarked no later than December 31, 2014.

Please contact Lauren Geiger at 802.238.2733 for more information. Thank you!

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