PRESIDENT OBAMA SIGNS IRA CHARITABLE
ROLLOVER INTO LAW FOR 2014
Dear friends,
In the time of year-end giving, President Obama has just signed the IRA charitable rollover
into law for 2014! The law allows individuals 70 1/2 and older to transfer a gift from their individual retirement account without being subject to taxes on the distribution
Below are the details:
- Donors must be 70 1/2 or older
- Donors can transfer up to $100,000 from their IRAs directly to a qualified charity. For example, St. Francis, the Corpus Christi Foundation, or the Catholic Foundation of West Michigan.
- Donors pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so donors benefit even if they do not itemize their tax deductions.
- The gift can satisfy all or part of donors' required minimum distribution for the year.
- If donor made a gift of up to $100,000 from their IRAs anytime in 2014, the gift will qualify under the law.
If you are considering a year-end gift and would like more information about the IRA charitable rollover please contact your parish office or I would be happy to share more information with you and can be contacted at (616) 425-12516.
Merry Christmas and God Bless,
Mark D. Morrow, Executive Director
Catholic Foundation of West Michigan
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