IRA Charitable Rollover

How to Make an IRA Charitable Rollover Gift for 2017

If you are age 70½ or older, you may transfer up to $100,000 per year directly from your IRA to Family & Children’s Place. Your gift could provide direct support for the more than 6,000 children and family members we serve annually. Note that rollover gifts may not go to donor advised funds, family support organizations, private foundations, gift annuities, or charitable remainder trusts.

Contact your IRA plan administrator to transfer assets directly to Family & Children’s Place by Dec. 31, 2017 to qualify for a 2017 gift. Rollovers may not be claimed after-the-fact for distributions that you have withdrawn and cashed as it is required that funds transfer directly to Family & Children’s Place. To maximize your charitable impact, consider making an IRA Charitable Rollover gift each year now that Congress has permanently extended this provision.

Benefits

Your rollover gift may be counted toward your minimum distribution requirement from your IRA and is a tax-exempt distribution from your IRA. Your gift is tax-neutral on your federal tax bill — it will not be included in your income, but neither will it be deductible. A rollover gift is preferable to withdrawing cash from your IRA, paying tax on it, donating it to a public charity such as Family & Children’s Place and receiving a federal charitable deduction limited to not more than 50 percent of your contribution base, i.e., usually adjusted gross income.

Your gift will help prevent child abuse and ensure children who have been abused recover.  Reported cases of child neglect and abuse have increased by 55 percent in the state of Kentucky over the past four years. Be a Champion for Children! Your gift will help us stop child abuse.

If you have questions about an IRA charitable rollover gift, contact your financial adviser who can guide you through the process to make a qualified charitable deduction. Please contact Larissa Reece, vice president for Development, if you have questions about other Family & Children’s Place planned giving opportunities at 502-855-6156 or at lreece@famchildplace.org