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IRA Rollover

Here’s a special way to support 90.7 WMFE if you are age 70 ½ or older.

The IRA Charitable Rollover was first enacted as part of the Pension Protection Act of 2006 and permanently extended in the Tax Relief Act of 2015. Now, you can make a charitable gift directly from your IRA every year while excluding the amount of that gift from your adjusted gross income (AGI.)

Advantages to you:

  • You can use an overlooked asset to make a gift to 90.7 WMFE.
  • The IRA Charitable Rollover permits you to make donations directly to charitable organizations such as 90.7 WMFE from your IRA without counting the distribution as part of your AGI and, consequently, without paying taxes on it.
  • You don’t recognize the distribution as income for federal income tax purposes.
  • The distribution counts toward your minimum required distribution for the year.

To qualify:

  • You must be 70-1/2 or older and required to make an annual distribution from your IRA.
  • Your total combined charitable IRA rollover contribution cannot exceed $100,000 in any one year.
  • Charitable contributions from an IRA must go directly to a public charity that is not a supporting organization. Contributions to donor-advised funds and private foundations, except in narrow circumstances, do not qualify for tax-free IRA rollover contributions.
  • Distributions can only be made from traditional Individual Retirement Accounts or Roth IRAs. Charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible for the tax-free treatment. The distribution must be made directly from the IRA trustee payable to 90.7 WMFE.
  • You cannot receive any goods or services in return for your charitable IRA rollover contribution in order to qualify for tax-free treatment.
  • You must receive an acknowledgment from 90.7 WMFE or other charity for each rollover contribution.
  • We recommend that you seek advice from your accountant prior to making a charitable rollover as personal circumstances can have a significant impact on whether charitable rollovers are advantageous. In order to benefit from an eligible IRA contribution, plan to contact your IRA administrator as soon as possible as some administrators may place a deadline on requesting transfers.

For more information about making a Charitable IRA Rollover contribution to 90.7 WMFE, contact your financial advisor or contact us at 407-514-1750.

STOCK: By donating appreciated securities, you may avoid capital gains tax obligations and receive a charitable tax deduction. If you’ve owned stocks, bonds, or mutual funds for more than a year, consider donating them directly to 90.7 WMFE.