A charitable IRA rollover makes it easier to use IRA assets, during lifetime, to make charitable gifts.
If you are over the age of 70½ you can contribute your minimum distribution to the Central Pennsylvania Food Bank without having to treat the distribution as taxable income.
The IRA Charitable Rollover allows individual taxpayers older than 70½ years to donate up to $100,000 from their individual retirement accounts (IRA) and Roth IRAs to charitable non-profits without having to treat the withdrawals as taxable income. The deadline to do this is midnight on December 31, 2013. As of this point in time, the IRA Charitable rollover program has not been renewed for 2014, so now is the time to act if you are interested.
Please keep in mind that tax implications can vary from taxpayer to taxpayer, consult your Tax Professional to see if a Charitable IRA Rollover is right for you.
Contact: Joe Arthur
, Executive Director, 717.564.1700.