by Beverley McLain in Giving
Giving Matters: Gifts from IRA rollovers
If you are in your 70s, it’s now easier than ever to make a charitable gift – and get a tax advantage – using your IRA.Legislation passed by Congress late last year makes it simple to transfer up to $100,000 to a public charity such as the Community Foundation of Tampa Bay without counting the distribution as taxable income. This applies to everyone 70 ½ or older.
The rules don’t allow the rollovers to go into a donor advised fund, but you have several options for using the IRA rollover for a charitable purpose at the Community Foundation:
• Establish a designated endowment to provide a permanent source of income to one or more nonprofits of your choice. These can include your church, your alma mater or any nonprofit that is doing work that inspires you.
• Establish an endowment that supports your passion, whether it’s the environment, education, children, health, the arts or other specific focus areas.
• Contribute to an endowment or agency reserve fund already in place at the Foundation. See the list of the more than 150 nonprofit endowments and agency reserve funds here.
• Contribute to the Foundation’s Community Impact Fund and join the many donors who know the value of endowment when it is used to address the changing issues in our ever-changing communities.
Your IRA administrator can help you with the paperwork to transfer some or all of your distribution directly to the Community Foundation of Tampa Bay. We’re to help you find the best way to meet your charitable interests.
Please feel free to contact me or Molly James, VP, Philanthropy, if you have any questions.