Planned Giving for Financial Advisors
Charitable IRA Rollover
How they work
- Your client is at least 70½ years old and directs her traditional IRA administrator/custodian to make a distribution of up to $100,000 directly to Gaylord Hospital as permitted by federal law. That distribution may also qualify as all or part of her minimum required distribution depending on her overall tax picture. She does not report the amount as ordinary income, but the contribution is not deductible.
- We use the proceeds for purposes your client directs.
Benefits for your client
- The withdrawn amounts will not be treated as taxable income and will count toward her minimum required distribution (MRD) for the year. She will not be able to claim an income tax charitable deduction for the amount contributed.
NOTE: The Charitable IRA Rollover legislation expired on December 31, 2013. Although this has happened before and the law has been renewed retroactively, that has not occurred at this time. This site will be updated an new information becomes available.