The charitable IRA rollover provision has been made permanent!
This provision will allow those 70½ and older to donate as much as $100,000 of IRA account assets each year directly to one or more public charities. The donations will count as part of the IRA owner's required annual payout.
Remember that there is no income tax charitable deduction for the donated assets, but they don't count as income, either.
To qualify, the donation of IRA assets must be made directly to a charity, not a donor-advised fund or grant-making foundation. The assets must be transferred directly to the charity from the IRA custodian, such as a bank or mutual fund.
The law is retroactive to January.
Gifts for 2015 must be made by December 31.
Please check with your tax attorney, accountant, consultant, or other tax professional for additional details.
[Editor's Comment: You may wish to consider giving your IRA to one or more of our church institutions of higher Christian education:
- Emmanuel College
- Holmes Bible College
- Southwestern Christian University
- Advantage College
Jesus said, "It is more blessed to give than to receive" (Acts 20:25).