Make Your Gift to Regis with the IRA Charitable Rollover
The IRA Charitable Rollover has been made permanent. If you are 70 1/2 or older you can make a 2016 gift to the Regis and save on your taxes. Here’s how:
- Individuals 70½ years and older can make gifts of up to $100,000 directly from an IRA to charities such as Regis without having to report the distributions as adjusted gross income on their income tax return.
- Distributions must be made from a traditional IRA or a Roth IRA. Distributions must be payable directly from the IRA custodian to Regis. Your IRA custodian will supply a special form to effect the transaction.
- The charitable distributions count toward meeting your Required Minimum Distribution (RMD) for the 2016 tax year—reducing the amount of your taxable IRA withdrawals.
By avoiding the inclusion of the IRA withdrawal as adjusted gross income, you can avoid higher taxes on Social Security benefits, higher Medicare premiums, higher tax brackets and surtaxes on investment income.
Be sure to consult with your tax advisor before taking any action. Please call us on 212-288-1142 or e-mail us at firstname.lastname@example.org if we can be of assistance.