IRA Charitable Rollover

IRA Charitable Rollover

Wagner has benefited from generous gifts from members of the Wagner community who have taken advantage of incentives for tax-free charitable giving that the IRA Rollover provides.

The basic rules for a Qualified Charitable Distribution are:

  • The donor must be age 70 ½ on or before the date of the rollover.
  • The charity must be a public charity but not a donor-advised fund or supporting organization.
  • The distribution must be a direct IRA-to-charity transfer.
  • The entire distribution must qualify as a deductible contribution were it not for this provision.
  •  Rollovers from SEPs and SIMPLEs do not qualify.
  • The exclusion from gross income only applies to distribution amounts that would be included in gross income were it not for this provision.

Remember:    Funds must be transferred by your IRA plan administrator directly from your IRA to Wagner or another charity.

Please call David J. Martin, Esq. at (718) 420-4341 if you have questions or before making a transfer from your IRA plan, and check with your accountant or tax adviser before making any decision.