On December 18, 2015 the President signed the bill retroactively reinstating the Charitable IRA Rollover provision for all of 2015 and removing any expiration date on the provision, thereby permanently extending the Rollover into the future. This law allows an individual who is 70½ or older to gift up to $100,000 from his or her IRA directly to a qualified charity such as the Nebraska Community Foundation or for the benefit of an Affiliated Fund of NCF without having to recognize the IRA distribution in taxable income.
How it Works:
The law allows those age 70½ and older to transfer up to $100,000 from an IRA to charity – tax free. If married, each spouse can transfer up to $100,000 from his or her IRA.
The gift must be made directly from the custodian of your IRA to the Nebraska Community Foundation for the benefit of your community’s or organization’s affiliated fund.
Your tax-free rollover gift will be excluded from your gross income.
Your gift can count toward your required minimum distribution.
Gifts to life income plans, donor-advised funds, supporting organizations and most private foundations do not qualify.
Please contact Jim Gustafson, NCF’s Director of Advancement and Gift Planning at (402) 323-7341 or at email@example.com if you would like more information about making this type of gift to the Columbus Area Community Foundation Fund.