IRA Charitable Rollover Options
October 2008 federal legislation now allows people who are 70 1/2 and older to make transfers from traditional and Roth IRAs to qualified public charities but only in 2008 and 2009.
Donors can donate IRA assets to nonprofits without counting distributions as taxable incomes. IRA transfers to nonprofits cannot exceed $100,000 a year in 2009. The new legislation, which was passed by Congress as part of the national financial relief act, is expected to expire on December 31, 2009.
At Foundation For MetroWest, IRA donors may choose to use funds to add to or create a variety of funds, including:
- Designated funds to benefit specific nonprofits named by the donors.
- Unrestricted funds to provide grants to an array of nonprofits.
- Field of Interest funds to help organizations working in the arts, education or other areas.
Donations from IRAs can meet IRA holders’ required minimum annual distributions in 2008 and 2009. Excluded by the legislation, however, are transfers to donor advised funds and supporting organizations.
For more information visit the Council on Foundations.For More Information about the Advantages of Community Foundations
Please check out the Council on Foundations and Community Foundations of America’s web sites.Learn More >
Professional Advisor?
Does your client want to make a positive impact in the area? We can help you make it happen. Since 1995, we’ve been an invaluable resource for advisors like yourself as you help your clients achieve their philanthropic goals. It’s a way you can make a lasting impression with your clients and they can leave a lasting legacy for the community.Learn What the Foundation for MetroWest Can Do for You & Your Client >
©2010 Foundation for MetroWest