Waiting for news on giving through IRA rollover in 2015?
So are we.
Many Americans are waiting for news on whether they’ll be able to give tax-free from their IRA distribution again this year. Lutheran Hour Ministries is also waiting for Congress to act on extending an individual’s ability to give tax-free gifts of their IRA distributions.
As we come closer to the end of 2015, you can continue to check back here for updates on the status of this important legislation for charitable givers.
These guidelines were in place for giving via IRA charitable rollovers in 2014:
- You can only make gifts under the new law in 2014.
- This gift must be sent directly from your IRA administrator - do not take a distribution and then make a gift. LHM can provide you with a sample letter and directions (below) for submitting your request. A copy of your request letter should also be sent to LHM so that your gift can be properly credited.
- The annual gift limit is $100,000 to all charities per person.
- You must have reached age 70½ by the gift date to be eligible for the IRA gift opportunity.
- The charitable rollover gift will count towards your Required Minimum Distribution, but will not be included in your income for income tax purposes. As such, the rollover gift is not tax deductible.
- The new rules apply only to outright lifetime transfers from IRA owners and are not applicable to transfers after the owner's death.
- If there is more than 10 years' difference between you and your spouse, different rules apply. Please contact us for more information.
All guidelines are subject to change in 2015. Changes will be updated here as they are made public.
You may be able to give using your IRA in a way that will have the same effect as utilizing the IRA charitable rollover, whether it passes or not. Contact Lutheran Hour Ministries to find out how at 1-877-333-1963 or send an e-mail to firstname.lastname@example.org.