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Title
Special Tax-Free IRA Gifts
Date
12/21/2015
Description
For those aged 70½ or older, it is once again possible to make tax-favored charitable gifts from traditional and Roth IRA accounts.

On December 18 Congress passed legislation retroactively extending the charitable IRA rollover for 2015 and made this provision permanent for future years. This provision allows those 70½ and older to donate as much as $100,000 of IRA account assets each year directly to one or more qualified charities such as Beth Israel Deaconess Hospital-Plymouth (BID-Plymouth) free from federal income tax each year. The donations will count as part of the IRA owner's required annual payout.

To qualify, the donation of IRA assets must be made directly to a charity, not a donor-advised fund or grant-making foundation. The assets must be transferred directly to the charity from the IRA custodian, such as a bank or mutual fund. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA.

When you talk to your financial advisor or IRA administrator to request a charitable rollover, the following information may be helpful. Charitable contributions to BID-Plymouth are directed to:

The Foundation for BID-Plymouth
275 Sandwich Street
Plymouth, MA 02360

Phone: 508-830-2420

IRS Tax ID: 22-2667354

For more information, contact Vice President for Philanthropy Cindy Outhouse, or Major Gifts Director Jayne Putnam Iafrate at 508-830-2420.

BID-Plymouth
275 Sandwich Street
Plymouth, MA 02360
(508) 746-2000

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