If you have an IRA and are over 70 ½, you can donate a gift directly through the IRA Charitable Rollover without paying taxes on your distribution.
The IRA Charitable Rollover has been permanently extended, retroactive to January 1, 2015. On December 18, 2015, President Obama signed legislation into law which permanently allows you to make tax-free charitable gifts from your IRA, retroactive to January 1, 2015.
You don’t report this as income so there is no tax. And, your gift goes towards all or part of your minimum distribution requirement. You benefit even if you do not itemize your tax deductions.
Individuals who possess an IRA who are 70 ½ or older.
What accounts may I transfer from?
Your gift must directly come from your IRA – either Roth or traditional – to the American Battlefield Trust and must not pass through your hands. This opportunity does not apply to other retirement plans, like 401(k) and 403(b) accounts.
How much may I transfer?
Any amount up to $100,000 per year, total, from any and all IRA accounts. If you have already made one or more gifts totaling $100,000 from your IRA(s) in 2015 prior to this legislation, it will qualify under the law.
Which organizations qualify to receive IRA rollovers?
Qualified charities such as the American Battlefield Trust that are tax-exempt and classified as 501(c)3 organizations.
How do I make an IRA charitable rollover gift?
Simply contact your IRA custodian to make your gift. You may need to provide them with our IRS tax ID number, which is 54-1426643.
Make sure to contact Meaghan Hogan at (202) 367-1861, ext. 7242 when you make your gift, as some IRA providers do not list the donor’s name along with the check.
Click here if you would like a copy of a letter of authorization to send to your IRA plan administrator.