You are at: Planned Giving > IRA Charitable Rollovers > 2013 Guidelines
- To qualify for this IRA rollover extension you must be at least 70½ years old before directing the distribution to Gospel for Asia or another qualified charity.
- IRA rollovers to charity are limited to $111,000 per individual taxpayer per year. A husband and wife could each give up to $111,000 per year from two separate IRA accounts.
- The IRA charitable rollover applies to distributions made to Gospel for Asia or other qualified charities.
- To benefit from the tax advantages, the distribution must be made directly from your IRA account to a qualified charity.
- Direct distributions to Gospel for Asia from your IRA could count as your Required Minimum Distribution (RMD) for the year. This would reduce or eliminate the RMD that would otherwise be taxable income. If this puts you in a lower tax bracket, it could mean significant savings to you.
- To qualify, the distributions must be made directly to a qualified charity. Contributions to a donor advised fund or to a supporting organization are not eligible.
- IRA distributions to fund split-interest gifts such as charitable gift annuities or charitable remainder trusts are not eligible.
- You may not receive any benefit or value from the charity as a result of your IRA Charitable Rollover. Doing so would disqualify the gift from the special IRA rollover tax advantages.
- If you make an IRA distribution to Gospel for Asia, please let us know. Since the transfers will come directly from an IRA administrator, this communication will be necessary to insure that we understand the origin of your gift and your preferences for how the funds should be used.
- This charitable rollover opportunity applies exclusively to traditional IRAs and Roth IRAs. Other retirement plans such as 401(k)s, Keoghs and SEP-IRAs are not eligible. Under federal tax rules, these other plans generally may be rolled over to an IRA. Although the RMD will need to be taken before such a plan rollover is done, a charitable distribution from the new IRA account can still be made that year. In the following year, a charitable distribution from the IRA account will qualify as part or all of the RMD.
The information contained on this web page is not intended, nor should they be used as legal, accounting or other professional advice. It is always a good idea to seek legal and tax advice from your professional advisor(s).
