IRA Charitable Rollover

In 2015, legislation was signed into law that permanently extends the IRA charitable rollover, allowing American seniors to make a gift of a lifetime from their IRA to charity and avoid paying federal income taxes.

Who Qualifies:
People age 70½ and older can transfer up to $100,000 per year from IRAs to charity — without incurring federal income taxes today or estate and income taxes in the future. If married, each spouse can transfer up to $100,000 from his or her IRA. The opportunity for the $100,000 tax-free transfer occurs annually.

How We Can Help You Help Your Clients:
The Oklahoma City Community Foundation offers several fund options that can accommodate your clients who qualify and want to make a gift from an IRA:

  • Donor Designated Fund – allows your clients to designate at the time of the gift one or more charitable beneficiary organizations.
  • Charitable Organization Endowment Funds – we administer permanent endowment funds for more than 330 nonprofit organizations in central Oklahoma.
  • Scholarship and Award Funds – establishing a scholarship endowment fund with an IRA gift is a great way for your clients to help future generations earn a degree.
  • Fund for Oklahoma City – is an unrestricted fund that allows our Trustees to address a broad range of current and future needs through grants to charitable organizations in our community.
  • Field of Interest Funds – your clients can designate support for a charitable interest area at the time the IRA gift is made.

We have created sample letters to both the IRA administrator/custodian and one to notify us of the transfer:
Sample Letter to IRA Administrator.
Sample Letter from Client to Oklahoma City Community Foundation.