Charitable IRA Rollover a great way to support PHLF’s mission
If you’re age 70½ or older, you may be able to take advantage of an important tax incentive that would allow you to support PHLF in a more cost-effective way.
Congress just re-authorized for 2013 a tax provision that allows individuals to make gifts of up to $100,000 per year from their IRA accounts to one or more charities, without first incurring income tax on the withdrawal. It’s called the Charitable IRA Rollover.
This means that you can direct up to that amount to PHLF with no federal income tax liability. The Charitable IRA Rollover may provide you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate.
Now, there are some details and restrictions:
- You must be 70½ or older when you make your gift, and the gift must be made from an IRA; no other retirement plans (such as 401k, 403b or SEP accounts) qualify.
- Your gift must come to PHLF outright; it can’t be used to establish a life-income arrangement or support one of our Named Funds, but it does count toward your minimum required distribution.
- Although the distribution will be free from income tax, it will not generate an income tax charitable deduction.
- There are other details which we will be happy to guide you through.
If you’d like to make a 2013 IRA rollover gift, you need only direct your IRA plan provider to make a distribution to PHLF. If you have any questions, feel free to contact our planned giving office at 412-471-5808, ext. 538 or firstname.lastname@example.org.