Senate Passes Legislations Extending Charitable IRA Rollover Provisions

It’s not too late to make a gift to JCRC - and it’s not too late to make a distribution from your IRA if you are 70.5 years old or over.

Congress has just reinstated the opportunity to make tax-free rollover gifts from IRAs to charity.

By contributing an IRA Charitable Rollover Gift to JCRC, the IRS allows you to give up to $100,000 this calendar year from your individual IRA account.

Your contribution can satisfy your entire required minimum distribution -- and it's tax-free. Even though the money is coming from your IRA, it is excluded from your taxable income!

Also beneficial: by not having to declare the distributions, the IRA funds are kept from being taxed, and you can also avoid other unfavorable effects that could result from increasing one’s adjusted gross income, such as the taxation of social security benefits or a reduction in personal exemptions and allowable itemized deductions.

To qualify for the tax-free option:

  • You must be 70 ½ years old or older.
  • The transfer from your IRA must go directly from your IRA to JCRC.
  • Married couples can each donate $100,000 from their individual IRA accounts.
  •  The gift must be completed by December 31, 2015.
  • The gift must be an outright gift.

Please note that transfers of IRA gifts to donor advised funds, supporting organizations, charitable gift annuities, or charitable remainder trusts do not qualify. The gift is not eligible for an additional charitable income tax deduction.

For more details on this option, please call JCRC 617-457-8600.
We hope you'll take advantage of the Charitable IRA Rollover and help us by visiting www.jcrcboston.org.