In 2015,the Protecting Americans from Tax Hikes (PATH) Act became law, and among the beneficiaries were charitable Americans age 70½ or older and their favorite charities. Now the IRA Charitable Rollover provision is permanent, allowing individuals who have reached age 70½ to donate up to $100,000 each year to charitable organizations directly from their Individual Retirement Account (IRA), without treating the distribution as taxable income.
Using IRA assets to make a gift during your lifetime, as opposed to giving via bequest in your will, enables you to experience the joy of making a major gift. Need ideas on where to give? The Community Foundation staff is just a phone call away at 803.978.7831 to help you learn how an IRA Charitable Rollover can help reduce your taxable income and fulfill your charitable goals.
This blog was written and shared by the Central Carolina Community Foundation.