IRA Charitable Rollover
- bchfamily
- Jan 21, 2021
- 2 min read
Act Now!
Don't Miss This Opportunity to Make a Difference
President Obama reinstated a law that allows you to make a tax-free gift to us from your IRA. Known as the IRA charitable rollover, this law has been reinstated. If you have already made this type of gift in 2016, you're in luck! But if you've been waiting to make your IRA transfer this year, you must act right now to take advantage of this opportunity.
IT'S NOT TOO LATE
Under the recently reinstated law, you may move up to $100,000 from your IRA directly to a qualified charity such as Baptist Children's Homes of North Carolina without having to pay income taxes on the money.
HOW AN IRA CHARITABLE ROLLOVER WORKS
If you are 70½ or older, you can give up to $100,000 directly from your IRA to charities such as Baptist Children's Homes.
The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.
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 may be made in addition to any other charitable giving you have planned.
The gift needs to be made by Dec. 31, 2016, if you want your gift to qualify this year.
If you made a gift to a qualified charity of up to $100,000 directly from your IRA in 2016, your gift will qualify under the new law.
If you have already made a qualifying gift in 2016, contact your advisor to make sure your gift is properly reported on your 2016 income tax returns. If you are interested in this unique opportunity to help further our mission, or if you have any questions, please contact me right away. I would be happy to help-at no obligation.
Brenda Gray
Executive VP of Development & Communications
336-689-4442
bbgray@bchfamily.org
ROLLOVER INFORMATION FOR ADVISORS: Baptist Children's Homes of North Carolina Attn: Brenda Gray P.O. Box 338, Thomasville, NC 27361
