Ensuring the future of elk, other wildlife, their habitat and our hunting heritage.

Monday, December 22, 2014

The IRA Charitable Rollover Is Back

The IRA Charitable Rollover Is Back 

There are Still Donor Opportunities for 2014!

Make a tax-free distribution from your IRA accounts (up to $100,000) to charitable organizations like the Rocky Mountain Elk Foundation.

The IRA Charitable Rollover was enacted to encourage older Americans to give out of their IRA accounts. Congress has provided a one year extension of tax provisions through December 31, 2014, retroactive to January 1, 2014.

This is a popular avenue to make a meaningful outright gift to RMEF.
  • People age 70½ and older can take advantage of this opportunity to give up to $100,000 tax-free to charity. 
  • These charitable rollovers qualify for the yearly required minimum distributions (RMD). 
  • While the IRA owner cannot take an income tax deduction for this transfer, they won’t have to report the transfer as taxable income. 
  • Transfer the money directly from their IRA accounts to charitable organizations. 
The charitable rollover can be advantageous to donors from a tax standpoint if:
  • They do not itemize deductions. 
  • They pay state income tax but cannot take charitable deductions on their state return. 
  • They would not be able to deduct all of their charitable contributions because of deduction limitations, or 
  • An increase in taxable income would negatively affect their ability to use other deductions. 

Please consult your financial advisors to confirm this concept works for you. 

For more information, please contact us at legacy@rmef.org or 1-800-225-5355 and ask for the Development Department.

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