Charitable IRA Rollover Extension Approved

Act Now! 

2014IRAPresident Obama has just reinstated a law that allows you to make a tax-free gift to us from your IRA. Under the recently reinstated law, you may move up to $100,000 from your IRA directly to a qualified charity such as Providence St. Peter Foundation without having to pay income taxes on the money. Known as the IRA charitable rollover, this law has been extended only to the end of 2014.

How It Works

  • If you are 70½ or older, you can give up to $100,000 directly from your IRA to charities such as ours.
  • The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.
  • If you have not taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
  • The transfer may be made in addition to any other charitable giving you have planned.
  • If you made a gift of up to $100,000 from your IRA in 2014, your gift will qualify under the new law.

If you have already made a qualifying gift in 2014, contact your advisor to make sure your gift is properly reported on your 2014 income tax returns. If you are interested in this unique opportunity to help further our mission, or if you have any questions, please contact Peter Brennan at (360) 493-7981. 

Remember: The legislation is only available until Dec. 31, 2014, so you must take action right away if you have not yet made your gift.