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IRA Charitable Rollover Expires December 31, 2013

Thursday, December 12, 2013   (0 Comments)
Posted by: Teri Forsythe
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IRA Charitable Rollover Expires December 31, 2013

Take advantage of this opportunity now to benefit the Chi Psi Educational Trust, Inc.

This option may not be renewed for future years.

The IRA Charitable Rollover permits individuals to make a charitable donation from their IRA to charities like the Chi Psi Educational Trust. Like most tax-related issues there are limitations and qualifications.

  • You must be age 70½ or older
  • You must be required to take annual IRA distributions
  • The total combined contributions from your IRA to charities cannot exceed $100,000
  • Charitable contributions from an IRA must go to a public charity like the Educational Trust
  • Contributions to donor-advised funds and private foundations generally do not qualify as tax-free IRA Charitable Rollover contributions
  • Distributions must be made from traditional Individual Retirement Accounts or Roth IRAs
  • Assets in a 401(k) can be rolled to an IRA to take advantage of this provision
  • Distributions must be payable directly from the IRA custodian to the Educational Trust – you cannot receive the distribution before sending it to the Trust
  • You cannot receive goods or services in return for the contributions
  • The contribution will count toward your Required Minimum Distribution
  • You cannot claim a charitable deduction for this contribution but you do not have to include it as income for 2013
  • Before making this gift consult your tax or financial advisor about the federal and state tax effects of making this gift

For more information contact Sam Bessey. or 615-736-2520

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