The President Signed the IRA Charitable Rollover Bill

December 19th, 2014

The President signed the IRA Charitable Rollover for 1 year, retroactive for 2014, along with the other tax extenders package, H.R. 5771

 IRA holders will have just two weeks to make qualifying distributions from their IRAs.

 The IRA Charitable Rollover enables IRA holders who are 70½ or older to make a “qualified charitable distribution” directly from their IRA – up to $100,000 – to eligible charitable organizations.    

Most gifts to public charities – including the Community Foundation – are considered “qualified charitable distributions.”  However, current law specifically disqualifies distributions from IRA accounts to donor-advised funds.  Although donors cannot make an IRA Charitable Rollover to their donor-advised fund they may make a gift to any of the Community Foundation of Greater Memphis’ other funds, including the Community Partnership Fund, GiVE 365, a field of interest fund, scholarship fund or the foundation’s unrestricted endowment.     

Email(fhorrell [at] cfgm [dot] org) Director of Professional Advisor Development Frank Horrell, CPA, CFP® or call him at (901) 722-0027 for more information about charitable giving or about any services offered by the Community Foundation of Greater Memphis.

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