We are pleased to report the IRA Charitable Rollover for 2014 was reinstated by Congress this week. Particularly if you are required to take a minimum distribution from your IRA, you again have the option of making that distribution tax free by directing it to the charity of your choice. We do not know whether this will be reinstated for 2015, so if you wish to take advantage of this opportunity to support The Greensboro Association Endowment, you MUST ACT QUICKLY.
Who can act? If you are 70 ½ or older, you can contribute up to $100,000 from your IRA or Roth IRA by direct transfer from your account custodian to The Greensboro Association Endowment before December 31, 2014.
How do you proceed? Interested donors should contact their IRA plan administrators and have them send an IRA cash distribution directly to the Greensboro Association, P.O. Box 59, Greensboro, VT 05841, earmarked for the GA Endowment fund, by December 31, 2014. Gifts should be made to the Greensboro Association, and will be collected and sent to the Endowment fund. For stock transfers and more complicated planned gifts, please contact Christopher Kaufman Ilstrup at the Vermont Community Foundation [email protected] or 802-388-3355 ext. 295.
What are the benefits of a direct IRA Charitable Rollover?
For the donor –
- The rollover is not subject to income tax.
- If you do not itemize income tax deductions, this can be a way to receive a tax benefit from your gift.
- This gift qualifies for your minimum required distribution for 2014.
- Because this rollover is not part of your taxable income, other benefits include:
- It does not contribute to the limits imposed for charitable deductions set at 50% of your adjusted gross income for cash gifts.
- It does not enhance the taxability of Social Security benefits or Medicare premiums based on your taxable income.
- It does not trigger the imposition of tax on net investment income over certain income thresholds or minimize deductions in certain income brackets.
For Greensboro –
Donations will support the long term economic health of Greensboro by building The Greensboro Association Endowment. The Endowment will support economic, community, and environmental needs in our community over time, and will be a lasting resource for our beloved town over the years.
For further information, please contact [email protected]