IRA Charitable Rollover

IRA Charitable Rollover

The IRA Charitable Rollover was made permanent in the PATH Act of 2015.

If you are age 70½ or older, you are eligible to transfer up to $100,000 tax-free from your IRA directly to a qualified charity(ies) and have this amount count against your required minimum distribution. This provision applies only to IRAs and not to 401(k)s, 403(b)s and other similar qualified retirement plans.

Please note that you may use a qualified charitable distribution from your IRA to make a gift to The Community Foundation and we greatly welcome such gifts. With a gift of $10,000 or more you may establish a named endowed fund; gifts of any amount may be added to an existing fund. Please note, however, that this gift opportunity does not apply to donor advised funds or life income gifts, such as charitable gift annuities or charitable trusts, or to supporting organizations.

How it Works

  • You transfer up to $100,000 directly from your traditional IRA or ROTH IRA to one or more qualified charities.
  • You pay no income tax on the gift.  The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • The gift can satisfy all or part of the required minimum distribution for the year.
  • The gift can be used to create or add to a named endowed fund at The Community Foundation to support general purposes, an area of interest or a specific nonprofit(s). Charitable rollovers may not be used for donor advised funds, supporting organizations, private foundations or charitable gift annuities.

More Benefits

An IRA Charitable Rollover may benefit:

  • Donors with significant assets in an IRA;
  • Donors who do not itemize deductions; and
  • Donors making large gifts relative to their income (it does not count against the usual percentage limitations on using charitable deductions).
Please contact us for further information and instructions on how to take advantage of the IRA Charitable Rollover or to explore other ways of giving that might yield additional tax benefits while supporting the causes about which you care the most.

Address

70 Audubon Street
New Haven, CT 06510
Directions

Contact

203-777-2386
ContactUs@cfgnh.org

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