In December 2015, President Obama signed into law the IRA Charitable Rollover, which allows you to make a tax-free gift to us from your IRA. Under the recently re-instated law, you may move up to $100,000 from your IRA directly to the Sisters of St. Joseph of Baden without having to pay income taxes on the money.
The IRA rollover offers Americans 70 ½ years or older the opportunity to give back to nonprofit causes they support, like the Sisters of St. Joseph.
Some taxpayers who meet the criteria for making direct charitable distributions from the IRAs may realize a tax benefit by making a contribution before the end of the year.
Please contact your IRA administrator to make a qualifying transfer. Transfers must be made by December 31, 2016 to be counted for 2016.
As always, we recommend you discuss any gift with your tax or financial advisor.
Key Points – IRA Charitable Rollover
- 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 made be made in addition to any other charitable giving you have planned.
- Your total IRA gifts to charity can be up to $100,000 per individual taxpayer.
- You must make the donation directly from your IRA custodian to a qualified charity, like the Sisters of St. Joseph.
- Your gift is transferred directly to the Sisters of St. Joseph; since you do not receive the funds, they are not included in your gross income. No income-tax deduction is allowed for the transfer.
- The provision applies only to IRAs and Roth IRAs.
- Since the IRA funds are not being taxed, it is the equivalent of a full income tax deduction, which is especially valuable for non-itemizers.
Sisters of St. Joseph Information
Our Federal EIN number: 25-0966621
Our address: 1020 W. State St. Baden, PA 15005
For more information, contact Sister Karen Stoila at 724-869-6592 or firstname.lastname@example.org.