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Fenwick Charitable IRA Rollover

CHARITABLE IRA ROLLOVER GIFTS

If you are 70 ½ or older, the IRA Rollover is a great way to make a gift to Fenwick High School tax-free

Individuals can donate up to $100,000 from their IRA’s annually. The ability to make a charitable distribution from an IRA was made permanent by the passage of the “Protecting Americans from Tax Hikes (PATH) Act of 2015.” These “qualified charitable distributions” from an Individual Retirement Account (IRA) will count toward an individual’s Required Minimum Distribution (RMD).  Donors do not receive an income tax charitable deduction, but they also pay no income tax on the distribution from their IRA.

The IRA Charitable Rollover has been extended permanently.

For your gift to qualify:

  • You must be 70 ½ at the time of the distribution
  • The recipient must be an eligible charitable organization, ie: Fenwick High School
  • The distribution must be made directly to the charity by December 31, 2016. You may not transfer your assets to other life-income gifts like charitable remainder trusts or gift annuities
  • Your total annual IRA gift(s) cannot exceed $100,000

Distributions by wire transfer must be received in Fenwick’s account by December 31, 2016. Distributions by check must have a postmark (on the envelope) no later than December 31, 2016.

Given the high volume of year-end gifts, contact your IRA administrator as soon as possible to allow enough time for them to transfer your gift before the end of December.  Any transfers from your financial institution should include your name and address and indicate how you wish to allocate your gift.

For your convenience, a sample letter to your plan administrator is attached here.

Please contact us today at 708/948-0308 or plannedgiving@fenwickfriars.com.

Fenwick does not provide tax, legal or financial advice. We encourage you to consult your own legal or tax advisor.

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