Charitable Donations from ira RULING

Congress has reinstated the extraordinary opportunity to make tax-free rollover gifts from IRAs to charity.  If you are (or if someone you know is) age 70 ½ or over, you make exclude up to $100,000 from gross income for donations paid directly to qualified charities from your IRA.

Key points about qualified charitable contributions: 

  • You must be 70 ½ years old or older.  If you're not eligible, please share this information with people in your life that can participate!
  • The transfer from your IRA must go directly from your IRA to the nonprofit organization.
  • Married couples can each donate up to $100,000 from their individual IRA accounts.
  • The gift must be an outright gift.  Transfers of IRA gifts to donor advised funds, supporting organizations, charitable gift annuities or charitable remainder trusts do not qualify.  The gift is not eligible for an additional charitable income tax deduction.
  • The donation satisfies any IRA required minimum distributions for the year. 

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