Charitable Gift Planners of Central Florida
Charitable Gift Planners of Central Florida
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Charitable Gift Planners of Central Florida serves Brevard, Lake, Marion, Orange, Osceola, Polk, Seminole, Sumter & Volusia counties.

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Charitable Gift Planners of Central Florida
Charitable Gift Planners of Central Florida

IRA Charitable Rollover Made Permanent!
By Jim Morley

Since 2006 IRA Charitable Rollovers have been an on-again-off again
benefit to persons at least age 70.5. Let’s take a look at
this benefit signed into law on December 18, 2015, which is now
permanently available.
Transfers can be made directly to charities – such as World
Neighbors – from traditional IRAs, inherited IRAs and Roth IRAs for
up to $100,000 per year. For spouses, each with substantial IRA
accounts, the total can reach $200,000 per year. But what’s the
benefit if a “regular” charitable contribution is also deductible?
Here is a partial list of potential tax breaks to discuss with your
tax advisor:
• If you take the standard deduction (i.e., don’t itemize on your
tax returns), you may be entitled to tax savings;
• If you pay state taxes, this may reduce taxable income,
depending on state laws;
• If your charitable deductions are subject to limitations, the
limitations are not affected by this charitable rollover;
• An increase in income by a “regular” distribution from an IRA
may negatively offset your ability to use other deductions, but
with this rollover your income is not increased;
• A qualified charitable rollover does not increase income for
calculating tax on Social Security benefits; and
• A qualified charitable rollover does not increase income for
determining possible extra charges added to your premiums
for Medicare Part B and Part D.
IRA Charitable Rollovers do count toward Required Minimum
Distributions (RMDs). They can be made directly to qualifying
charities but not toward purchasing a Charitable Gift Annuity or
any other kind of contribution with a return benefit to the donor.
Also, qualified rollovers are eligible to be used toward satisfying
pledge commitments to charities.
IRA Charitable Rollovers are easy! Your financial institution can
readily make the transfer from your IRA to the charity or charities
of your choosing.
Again, talk to your tax advisor about rolling over your IRA,
or learn more at the IRS website: www.irs.gov or contact me
at jmorley@wn.org.

Jim Morley, Senior Development Officer
World Neighbors
Reprinted from Neighbors Winter 2016

 

Charitable Gift Planners of Central Florida

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