IRA Charitable Rollovers

IRA Charitable Rollover are Now PermanentIRA Rollover Provision Extended Permanently!

With the passage of the Protecting Americans from Tax Hikes (PATH) in late 2015, the provision for Qualified Charitable Distributions (QCD’s) from an IRA has been renewed and made permanent.

 

This provision allows individuals 70-½ and older to rollover funds directly from their IRA account to the Fraternity – tax-free.

A Qualified Charitable Distribution allows the donor to satisfy their Required Minimum Distribution, and funds contributed do not count as Adjusted Gross Income. This is a great advantage to the donor!

All IRA rollovers for 2017 must be made by Dec. 31, 2017.

Listed below are the basic guidelines of the provision:

  1. The donor must be age 70-½ or older at the time of the gift.
  2. The charitable donation must be distributed directly from a traditional or Roth IRA to the charity.
  3. $100,000 is the annual rollover maximum per person.

This is a great opportunity to support work of the Priestly Fraternity of St. Peter via a tax-free direct rollover from your IRA. For more information, or to arrange a donation via an IRA rollover, please contact Mr. Jerry Getz in the Fraternity Business Department at (570) 842-4000 ext. 117 or controller@fssp.com

Please consult with your tax adviser or investment manager if you are considering an IRA rollover.