by Wilma Norton in Giving
Congress extends IRA charitable transfer benefit until Dec. 31
On December 19, 2014, Congress and President Obama extended the Charitable IRA law, allowing American seniors to make gifts from their individual retirement accounts (IRAs) to charity, tax-free.
Through Dec. 31, 2014, if you are older than 70½, you can transfer up to $100,000 per year from your IRA to the Community Foundation of Tampa Bay without incurring federal income taxes today or estate and income taxes in the future. If married, each spouse can transfer up to $100,000 from his or her IRA.
But you must act now: The opportunity for the $100,000 tax-free transfer expires December 31, 2014.
The Community Foundation of Tampa Bay can accept IRA rollovers to establish or add to several types of funds, including:
Unrestricted Funds: Used to make a difference where it is needed most.
Field of Interest Funds: In support of organizations and programs in specific areas such as arts, education, the environment, children and youth, workforce development and more.
Designated Funds: Earmarked for a specific nonprofit organization or purpose.
Donations from IRAs cannot be made to Donor Advised Funds.
Call us today at 813.282.1975 to complete your IRA rollover before the Dec. 31, 2014 deadline.