Charitable IRA Resources
The IRA Charitable Rollover allows individuals aged 70½ and older to donate up to $100,000 from their Individual Retirement Accounts (IRAs) and Roth IRAs to public charities without having to count the distributions as taxable income. Since the IRA Charitable Rollover was enacted in August 2006, older Americans have made millions of dollars of new contributions to nonprofits — including hospitals, museums, educational institutions, and religious organizations — that benefit people every day.
How it works
Donors can direct IRA rollover distributions to public charities with 501 (c)3 status. They cannot direct them to private foundations, donor-advised funds, supporting organizations, or split-interest gifts (such as charitable remainder unitrusts). IRA rollover gifts provide support to nonprofits of the donor’s choice, but since they come from untaxed income, they do not offer a charitable income tax deduction. IRA rollover gifts take time and are processed by the companies holding them; be sure to request the proper forms in plenty of time to allow for distribution by December 31, 2009.
The Denver Foundation can accept IRA Rollover gifts for its community endowment, its programs (such as Strengthening Neighborhoods, The Inclusiveness Project, or the Critical Needs Fund), and for designated funds that provide grants to specific organizations named by the donors. For information call the Philanthropic Services Group at 303.300.1790.
The IRA charitable rollover will expire on December 31, 2009 if Congress does not take action. If you feel strongly that this option should continue, you can write your Congressional representatives and urge them to consider the new options under discussion now.
Click here to learn more about Denver Foundation programs that qualify for the Charitable IRA Rollover.