IRA Charitable Rollover Is Now Permanent!

Charitable Rollover image

On Dec. 18, 2015, President Obama signed a permanent extension of the IRA charitable rollover into law. It will be effective retroactive to January 1, 2015, and has no expiration date.

As a result, donors age 70 1/2 and older may transfer up to $100,000 from their IRA to a qualified public charity. The transfer will be made free of federal income tax, and the gift qualifies for the donor's 2015 required minimum distribution (RMD) for the year.  

Many of you had been waiting for passage of this law before you acted on your IRA distribution for 2015. Now that it’s been passed, you may wish to take advantage of this opportunity.

The Eau Claire Community Foundation offers many giving options; you can read about them on the Ways to Give page of our website, begin creating your own Fund online, or print out a form detailing some of our options for using the IRA Charitable Rollover to start your own fund.

If you'd like to receive a 2015 tax benefit, please let us know as soon as possible so we can process the gift before the year's end. Remember that certain funds (donor advised funds, for example) aren't eligible for this IRA rollover provision, so please contact us if you're unsure if your gift will qualify.

You have several options for contacting us: You can email, call the Foundation at (715) 552-3801, or stop by the office during business hours. Our address is 306 S. Barstow St. Suite 104, Eau Claire, WI  54701.

Please note that due to the holidays, our normal business hours (Monday-Friday, 9:00 am to 4:00 pm) will be slightly different. We’ll close at 1:00 pm on Dec. 24 and be closed on Dec. 25. We’ll also be open until 5:00 pm on Dec. 31 but closed all day on Jan. 1.

Some of you may have already made direct charitable gifts from your IRA in 2015. If so, please be sure to inform your tax preparer that you took advantage of the IRA charitable rollover so the distribution will be reflected properly on your 2015 tax return.

Thank you for your generosity!