The IRA charitable rollover provision became permanent in 2015. This allows tax-free distributions of up to $100,000 per taxpayer per taxable year to an eligible charitable organization, such as Community Foundation of Abilene, from an IRA held by individuals age 70 1/2 or older. 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. Using IRA assets to make a gift during your lifetime, as opposed to giving via bequest in your will, enables you to experience the joy of making a major gift.
How to begin the rollover process: We recommend that you contact your IRA administrator as soon as possible and ask for your provider’s instructions for executing an IRA charitable rollover. Also, if needed, we can provide you with a sample letter that you can send to your provider to initiate the rollover gift.
IRA transfers to the Community Foundation of Abilene address a broad range of current and future needs. We evaluate all aspects of community well-being — arts and culture, community development, education, environment, health and human services — and awards strategic grants to select projects and programs.
For more information about this opportunity, please call Katie Alford, CFA President/CEO, at 325-676-3883 or by email.