IRA Charitable Rollover Now Permanent

Congress reinstated a law that allows you to make a tax-free gift from your individual retirement account (IRA). Known as the IRA charitable rollover, this law no longer has an expiration date so you are free to make annual gifts to us from your IRA this year and well into the future.

The recently reinstated law allows individuals 70½ and older the ability to transfer up to $100,000 from their individual retirement accounts to a qualified charitable organization without being subject to income taxes on the distribution.

How it Works:

  • If you are 70½ or older, you can give up to $100,000 directly from your IRA to qualified charities such as WBUR. The legislation does not permit direct transfers to charitable trusts, donor advised funds, charitable gift annuities or supporting organizations.
  • If you have not taken your Required Minimum Distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
  • The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.

IRA Charitable Rollover FAQS

WBUR Wire Transfer Instructions

Sample Letter to Your IRA Administrator

It is wise to consult with your tax professionals if you are contemplating a charitable gift under the extended law. Please feel free to contact Kathleen McCarthy at (617) 353-0166 or kamcc@wbur.org with any questions you may have.

 

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.

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