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IRA Charitable Rollover is back and now permanent

Since its first enactment in 2006, the IRA Charitable Rollover, which offers significant tax advantages to donors, has proven to generate new and increased charitable donations for arts organizations. Over the years, the provision has expired and been renewed many times, but on December 18, 2015, the provision was successfully made permanent. Here is what BEMF supporters need to know:

For 2015:
The IRA Rollover expired on December 31, 2014, but is now retroactively reinstated for 2015. If donors aged 70½ and older instruct their IRA administrators to make a distribution of up to $100,000 directly to a charity through December 31, 2015, that distribution will not be treated as taxable income for 2015.

For 2016 and beyond:
Since the IRA Charitable Rollover provision is reinstated for 2016 and beyond, donors can reliably include the IRA Charitable Rollover in their plans as they determine their charitable giving options.

Contact your IRA administrator and/or tax advisors for more details on this important charitable giving incentive.