Great news! The Charitable IRA Rollover legislation has been approved into law
Great news! The Charitable IRA Rollover has been permanently approved into law December 18, 2015!
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 the President signed into law legislation that retroactively extends the charitable IRA rollover for 2015 and makes this provision permanent for future years. A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to qualified charities – such as Open Doors USA – free from federal income tax each year. There may also be state income tax savings. Donations given through the Charitable IRA Rollover count towards your required IRA minimum withdrawal amounts for the year of the gift.
To make such gifts, it is important to not withdraw funds prior to a gift to Open Doors, but have the gift amount distributed directly from an IRA to our organization. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA.
Also, please consider making a second IRA rollover gift in early 2016, thus doubling your impact to help persecuted Christians through Open Doors!
Check with your IRA administrator or your tax advisor for more information.
Please contact Karen at Open Doors for more information and assistance. Email her at KarenS@odusa.org or call 1-800-659-5965 (direct).