IRA Charitable rollover
Remember, The IRA Charitable Rollover is permanent law. This allows taxpayers age 70-½ or older to transfer up to $100,000 annually from their IRA accounts directly to charity without first having to recognize the distribution as income.
The IRA charitable rollover is very popular with taxpayers and beneficial to charities. Donors will not have to pay income taxes on the money donated.
The provision remains limited in several respects:
it is limited to taxpayers age 70½ or older;
the amount of gifts is capped at $100,000; and donors are specifically not permitted to make charitable rollovers to donor-advised funds, supporting organizations, and private foundations.
WELS Lutherans for Life is a qualified charity able to accept IRA rollover gifts.
Here is a quick recap of the IRA charitable rollover rules. Gifts qualify under the law if:
Please consider sharing this information with your relatives and friends who may be eligible to take advantage of this opportunity. See stocks-bonds-securities to see how WLFL can accept an IRA Rollover. These gifts will help WLFL carry on our vital mission.
If you are interested in considering a gift of this nature, please contact Peter at 414-727-8176 or Peter@ALife2.com.
Note: Be sure to consult with your financial advisers and tax professionals before initiating such a rollover.
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If you are interested in the rollover to protect your assets and benefit WLFL you may want to also consider remembering WLFL in your will or estate plans.
Please click here to visit our Legacy of Life website for additional information.
Contact Peter for help or answers to any specific questions.