IRA Charitable Rollover Provision ends Dec. 31
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The IRA Charitable Rollover allows individuals with IRA accounts and who are at least
70-1/2 years
of age to make a required minimum distribution of up to $100,000 to a
qualified charitable organization such as the Oklahoma City Community Foundation.
Because the distribution goes directly to a qualified charity, the amount will not be counted
as income and will not be subject to income tax. If you qualify, click here to read how we can help you.
What is an IRA Charitable Rollover?
In 2006, federal legislation was passed that included a provision permitting individuals age 70 ½ years and older to distribute up to $100,000 from their IRA to an eligible charitable organization like the Oklahoma City Community Foundation. Individuals may exclude the amount distributed from their gross income.
How Do I Make an IRA Charitable Rollover?
It’s easy! Notify your IRA administrator or trustee to make the contribution directly to an existing endowment fund at the Oklahoma City Community Foundation or you can create a new endowment fund. See box at left for a sample letter to your IRA administrator.
When does the IRA Charitable Rollover end?
Unless Congress votes to extend the provision, only those distributions made prior to Jan. 1, 2012 will qualify.
We offer the following fund options that qualify for an IRA Charitable Rollover Distribution:
The Fund for Oklahoma City is an unrestricted fund that addresses a broad range of current and future needs and opportunities through strategic grants to charitable organizations.
IRA distributions to a Field of Interest Fund allows donors to target gifts to causes important to them such as arts, education, social services and more. Through a Field of Interest Fund, the Oklahoma City Community Foundation awards grants to community organizations and programs addressing the donor’s specific interest area.
A donor can also choose to distribute IRA assets to a Donor Designated Fund that allows a donor to designate one or more charitable beneficiary organizations at the time the distribution is made. After the fund is established, annual gifts are automatically made to the designated charities.
Scholarship and Award funds can also be designated at the time the distribution is made.
For more information on the IRA Charitable Rollover please contact Joe Carter at 405/606-2914 or Rhonda Godwin at 405/606-2916.
