This week the Senate passed HR 5771, which reauthorizes the IRA charitable rollover through December 31, 2014. Donors age 70 1/2 and older may transfer up to $100,000 from their IRA to a qualified public charity. The transfer will be made free of federal income tax and the gift qualifies for the donor's 2014 required minimum distribution (RMD).
To complete the gift by year end, you will need to contact your IRA administrator right away. You must act before the year ends to take advantage of it.
It is called the IRA rollover and allows you to avoid taxes when you transfer funds from your IRA directly to a charity. And your gift will count against your required distribution, reducing your income and taxes. These gifts cannot be transferred to a Donor-Advised Fund, but can be transferred to an existing or new endowment fund.
Best of all, an IRA rollover gift is an easy way to help the Jewish Federation of Cincinnati help the Jewish community here in Cincinnati, in Israel, and globally.
Director of Gift Planning and Endowments
Jewish Federation of Cincinnati
PS Thank you! Y?our ongoing generosity changes lives here in Cincinnati, in Israel, and globally.