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Philanthropy News: The Charitable IRA Rollover has been extended for good!

Good news! On Dec. 18, 2015, legislation was passed making the charitable IRA rollover permanent. People aged 70½ and older have a special tax-free opportunity to make a meaningful charitable gift annually.

If you are at least 70½, the law allows you to transfer up to $100,000 of your IRA assets directly to a qualified public charity such as the Licking County Foundation. Since the assets you transfer will not be recognized as income, they will not trigger federal income taxes today or estate tax in the future. If you are married, you and your spouse can each transfer up to $100,000 per year.

Unlike a one-time gift to an individual charity, your tax-free charitable IRA rollover the Licking County Foundation can leave a lasting legacy in the community. You can use your gift to add to an existing charitable fund—or start a new fund which can support your favorite causes and charities or college-bound students, forever in your name. At LCF, you have several charitable options for a charitable IRA rollover, including:

Designated funds to support one or more nonprofit organizations of your choice

Field-of-interest funds to support a particular area of your interest within Licking County, such as the arts, education, or the environment

Scholarship funds to invest in the academic endeavors of students at your alma mater or in a chosen field, school or geographic area

Unrestricted funds to meet our community’s most critical, unmet and ever-changing needs

Please keep in mind:

• Only IRA withdrawals qualify for IRA charitable rollover treatment. They cannot come from any other type of retirement plan, nor do they qualify for any additional charitable deduction.

• Charitable IRA rollovers cannot be made to donor advised funds, charitable gift annuities, or charitable remainder trusts, nor do they apply to private foundations and supporting organizations.

• Transfers must be made directly from IRA administrators to qualified public charities, such as the LCF. Checks must be made directly to the Licking County Foundation to qualify as a rollover.

• In order to complete the gift by year-end, you must contact your IRA administrator.

Please consult with your tax or financial advisor to assess your specific situation.

To learn more about transferring IRA assets or starting a charitable fund, please contact Connie Hawk at 740-349-3863, x105 or connie@thelcfoundation.org.

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