For those over age 70½, it is once again possible to make tax-favored charitable gifts from traditional and Roth IRA accounts.
On December 17th legislation was signed into law that permanently extends this special opportunity for gifts to charities. Amounts given in this way will count toward the 2015 required IRA withdrawal amounts.
A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to MRG Foundation free of federal income tax. There may also be state income tax savings.
To make such gifts, it is important to not withdraw funds prior to a gift, but distribute them directly from an IRA to one or more qualified charities. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA.
Please feel free to email me, Carol, your IRA administrator or your advisors for more information.
