Good news: The IRA Charitable Rollover, which enables individuals age 70 ½ and older to make income tax-free outright gifts up to $100,000 from their IRAs to charities, has been made permanent legislation.
Important points to consider:
- You must be at least age 70 1/2 when the gift is transferred.
- The gift must come directly to Audubon Arkansas from your IRA account administrator, in the form of a check.
- Transfers must be made directly from a Traditional IRA account (special exclusions may apply to other types of IRA accounts).
- Funds that are withdrawn by you and then contributed do NOT qualify.
- If you have retirement assets in a 401(k) or 403 (b), you must first roll those assets into an IRA, and then make the transfer from the IRA directly to Audubon. You cannot do a Qualified Charitable Distribution from a SEP-IRA or SIMPLE IRA>
- Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities are not allowed.
- Total gifts cannot exceed $100,000 per year, per IRA owner or beneficiary (married taxpayers with separate IRAs can give up to $200,000 total per year, but no more than $100,000 may be distributed from each spouse’s IRA).
- Although there is no tax deduction, there I NO income tax on the withdrawal.
What are the advantages?
- Benefits Audubon Arkansas’s work in a meaningful way today.
- Meets your Required Minimum Distribution (RMD).
- Pay no income tax on the amount withdrawn for your gift.
- Give above your deductible limit of 50% of adjusted gross income.
How do I give? Please have your IRA plan administrator send a check to:
ATTN: Stephanie Purifoy
4500 Springer Boulevard
Little Rock, AR 72206
If you have additional questions or want to discuss other ways to support Audubon's conservation work, please contact:
Stephanie Purifoy, Development Manager, Audubon Arkansas: (501) 244-2229 or firstname.lastname@example.org.