Special Report: 2015 IRA Charitable Rollover
On December 16, 2015 Congress and the White House reached an agreement on a year-end tax bill which includes a permanent extension of the IRA Charitable Rollover. The Senate is expected to pass this bill next week, sending it to President Obama who is expected to sign the bill into law.
This provision means that donors age 70½ and older may transfer up to $100,000 from their IRA to Biblical Seminary and other qualified public charities. This transfer will be made free of federal income tax and the gift qualifies for the donor’s required minimum distribution (RMD). This bill makes the IRA rollover provision retroactive to December 31, 2014.
Individuals may begin taking distributions from their Individual Retirement Accounts (IRAs) as early as age 59½, but are required to begin taking them at age 70½. Normally, these distributions are subject to income taxes.
In order to qualify, contributions must go directly to Biblical Seminary or other qualified charities and be made from traditional IRAs or Roth IRAs. Donors may receive no goods or services in return for their contributions, and must obtain written documentation of their contribution from each recipient charity.
Donors who want to take advantage of this option should contact their IRA Administrators immediately. A sample letter is enclosed for your convenience. For additional information, feel free to contact me directly:
Office Phone: 215.368.5000, Ext.130
Cell Phone: 267.664.6211
Biblical exists to prepare men and women to communicate the story of Jesus with humility and authenticity, fidelity to Scripture, appreciation of the Christian tradition, and sensitivity to the needs and aspirations of today's culture.