Those over age 70.5 are eligible to make tax-favored charitable gifts from traditional and Roth IRA accounts. Recent legislation extends this special opportunity for gifts completed by December 31, 2014. Amounts given in this way will count toward 2014 required IRA withdrawal amounts.
A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to Chestnut Hill Benevolent Association free of federal income tax. There may also be state income tax savings.
To make such a gift, it is important to not withdraw funds prior to the gift, but distribute them directly from an IRA to the qualified charity. For those with check writing privileges on their accounts, this may be the most efficient way to make a gift directly from an IRA.
For more information, please contact Jennie Christensen at:
617-975-2516 or email: jchristensen@chbenevolent.org or check with your IRA administrator or financial advisor.
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