Gifts Must be Postmarked by Dec. 31, 2015
Good news: for those age 70 ½ and older, it is once again possible to make tax-favored charitable gifts from IRA accounts.
On Friday, December 18, 2015, President Obama signed into law legislation that retroactively extends the charitable IRA rollover for 2015 and makes this provision permanent for future years. A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to one or more qualified charities, such as Christian Union, free from federal income tax. These gifts count toward the mandatory drawdown of IRA holders 70 1/2 or older. There may also be state income tax savings.
An important note: To make such gifts, it is important to not withdraw the funds yourself; instead have the gift amount distributed directly from an IRA to one or more qualified charities. By taking possession of the funds yourself, at any point, you lose the benefit of this tax-free provision. For those with check-writing privileges on their IRA accounts, writing a check may be the most efficient way to make gifts directly from an IRA.
In order to take advantage of this opportunity, you must act now. Gifts must be postmarked by December 31, 2015, in order to count as a tax-free charitable gift this year.
To make a gift to Christian Union, please contact your IRA custodian to request a check, payable to Christian Union, be sent to:
Christian Union
19 Vandeventer Avenue
Princeton, NJ 08542
