IMPACT

The Voice of Philanthropy in Our Community

Subscribe

The gift of the permanent charitable IRA rollover

Charitable IRA rollovers for eligible individuals are permanently signed into law.


December 23, 2015

It is the "giving season" and last week President Obama underscored that sentiment when he signed into law the Protecting Americans from Tax Hikes of 2015 (PATH). This legislation not only renews charitable IRA rollovers for 2015 but indefinitely reinstates these tax-free distributions – up to $100,000 – for eligible individuals.

To qualify for this special provision, the distribution must be made directly from an Individual Retirement Account to a “qualified charity,” which is generally a public charity. This provision allows eligible donors to exclude from taxable income certain transfers of IRA assets that are made directly to public charities.

 

Gifts to Seattle Foundation’s grantmaking programs qualify for this preferred tax treatment. In past years, donors have enjoyed supporting GiveTogether and the Scholarship Fund with their IRA Charitable Rollover. Gifts to Donor Advised Funds, Supporting Organizations and split-interest trusts such as Charitable Remainder Trusts do not qualify.

 

While PATH is welcomed news and eliminates one source of uncertainty surrounding charitable planning, other types of gifts may provide donors with more tax benefits.

 

For the past 70 years Seattle Foundation has been providing world-class advising and research to help philanthropists create equality of opportunity in our communities. Let us know if you'd like to talk with a Philanthropic Advisor about your year-end giving plans, as there are tax-related benefits to your philanthropy to consider before December 31.

SHARE STORY

Category

For Philanthropists

TAGS

philanthropists

Previous Story Next Story

Related Post

Second quarter investment graph

Investment Report for Second Quarter of 2017

August 16, 2017

Seattle Foundation investments continued with a strong second quarter

Responding to Charlottesville title

A Community Foundation For All

August 15, 2017

This weekend in Charlottesville we witnessed people led by ignorance, lacking in compassion and humanity. But we know that the goodness, the values, and the strong history of our community in standing for equality will overcome the momentum of white supremacist and hate groups



Woman speaking at a meeting

Celebrating Black Philanthropy Month in August

August 11, 2017

African American philanthropists on average give 25% more of their incomes than others