Thunderbird Foundation for the Arts

Support the Thunderbird Foundation for the Arts

IRA CHARITABLE ROLLOVER BENEFITS FOR YOU

In December 2015, Congress passed the PATH Act, which made the IRA Charitable Rollover permanent.  The IRA Charitable Rollover, originally passed in 2006, permits donors age 70 ½ or older who hold traditional IRAs to make gift transfers from such an account to qualified nonprofit charities – without first counting it as income and paying income tax.  This is good news for those individuals who want to make a charitable gift during their lifetime from their retirement assets, but have been discouraged from doing so because of the income tax penalty.
Among the provisions of the IRA Charitable Rollover:

  • Traditional IRAs are eligible.
  • Only the IRA trustee can transfer gift amounts to a qualified organization. If the IRA owner withdraws funds and then contributes them to charity separately, amounts withdrawn will be included in the donor’s gross income.
  • The amount rolled over directly to the university will not be included in the donor’s income, but no charitable deductions are permitted.
  • IRA gifts may be used to satisfy your required minimum distribution.
  • IRA gifts may be used to satisfy pledges to charities.
  • IRA gifts up to $100,000 that are made by December 31 qualify.
  • IRA gifts cannot be made to charitable remainder trusts, other life income gift arrangements, to donor advised funds or supporting organizations.

 

Make a gift directly from your IRA account to the Thunderbird Foundation for the Arts in 2017.

You will realize the following benefits.

Charitable gifts from your IRA are not reported as taxable income.

These gifts qualifyfor your required minimum distribution.

You can benefit even if you don't itemize your deductions.

They lower your income which can lower your taxes.

Your gift can be directed to any program of your choice.

 

The Thunderbird Foundation is a 501(c)3 non-profit organization. Gifts to The Foundation may be made in cash, securities, art, real estate, and other forms of personal property. Naming and memorial giving opportunities are available as well. Gifts may be made either unrestricted or directed specifically to the needs of the foundation or goals of the donor. Additionally, deferred giving options are available which may provide significant income and tax benefits to the donor(s).

 

 

 

 

 

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