Diocesan > Home > IRA Charitable Rollover
 

IRA Charitable Rollover - Act Now!

On December 18, 2015, President Obama signed a law that allows you to make a tax-free gift to us from your IRA. Known as the IRA Charitable Rollover. This law has been reinstated for all of 2015 and remains in effect today. If you have already made this type of gift in 2017, you're in luck! But if you have been waiting to make your IRA transfer this year, you must act right now to take advantage of this opportunity.

 

It's Not Too Late

Under the recently reinstated law, you may move up to $100,000 from your IRA directly to a qualified charity such as the Catholic Diocese of Fort Worth Advancement Foundation to benefit a parish, school or other ministry or program of the Diocese of Fort Worth without having to pay income taxes on the money.

 

How It Works

  • If you are 70½ or older, you can give up to $100,000 directly from your IRA to charity.
  • The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.
  • If you have not taken your required minimum distribution (RMD) for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
  • The transfer may be made in addition to any other charitable giving you have planned.
  • If you made a gift to a qualified charity of up to $100,000 directly from your IRA in 2017, your gift will qualify under the law.
  • The gift needs to be made by Dec. 31, 2017, if you want your gift to qualify this year.
  • If you have a l ready made a qualifying gift in 2017, contact your advisor to make sure your gift is properly reported on your 2017 income tax returns.

 

Contact for Questions or More Information:

  • Renée Underwood, Associate Director, Advancement Foundation
  • 817-945-9441
  • 806-928-0463 (Cell)
  • Email: