218 North 14th Ave, P.O. Box 317, Sturgeon Bay, WI 54235

920.743.9117

Door County WI Estate Planning Blog

Monday, December 21, 2015

Charitable IRA Rollover is now permanent

On December 18, 2015 legislation was signed into law by the President that makes the IRA rollover permanent and retroactive to December 31, 2014. Gifts transferred directly from a donor's IRA to charity at any point during 2015 will qualify as a rollover gift.  This law is also permanent, meaning future gifts will also be treated in the same way.

To recap, below is how the IRA charitable rollover works:

1. Donor must be at least 70 ½
2. Gift must come from an IRA (not a TSA or 401(k))
3. Gift must be a direct transfer from the IRA to a qualified charity
4. $100,000 aggregate limit for all 2015 direct IRA transfers to charity
5. Gifts will be exempt of federal income taxes and satisfy minimum distribution requirements
6. Transfer must take place by December 31, 2015 for qualifying 2015 IRA charitable rollover gifts

Bob


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218 North 14th Ave, P.O. Box 317, Sturgeon Bay, WI 54235
| Phone: 920-743-9117 | 866-743-9117
2300 Riverside Drive, Green Bay, WI 54301
| Phone: 920-743-9117 | 866-743-9117

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