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Toledo Community Foundation

LEGISLATION UPDATE: IRA Rollover Extension for 2014 Approved

ACT NOW - Retroactive for 2014-Must act by December 31, 2014

Published on 12/17/2014 by Joanne Olnhausen

IRA Rollover Extension for  2014 Approved

President Obama signed the one-year tax extenders package late Friday, December 19, extending the IRA charitable rollover for one year, retroactive for 2014.

Donors and advisors should note that the extension for 2014 will expire on DECEMBER 31, 2014 and there is no provision to allow distributions made in early 2015 to be counted toward the 2014 tax year.  So if you or your client wishes to make an IRA rollover gift in 2014, there are only two weeks to act in order for the rollover gift to qualify. 

If you are 70.5 or older and are interested in using this gift option you need to contact your IRA account representative as soon as possible since this gift option usually takes a week or more to get processed.   An individual may rollover up to $100,000 from an individual retirement account (IRA) directly to a qualifying charity without recognizing the assets transferred to the qualifying charity as income.

You may use the rollover gift provision to make a gift to Toledo Community Foundation but it may not be used to make a gift to a Donor Advised Fund. You might consider directing your gift to the newly created Community Education Fund or Community Economic Opportunities Fund of the Toledo Community Foundation. 

If you want more information, please call the Foundation philanthropic services officers, Ken Frisch or Bridget Brell Holt, at 419.241.5049.

Consider a Gift of Appreciated Stock

Over the past few years, stock prices have risen steadily, making 2014 a good time to use some of these appreciated assets to support the charitable purposes you’ve dreamed of supporting or to increase your support for those purposes which are important to you and this community.  To explore gifts of public or private securities, please call the Foundation philanthropic services officers, Ken Frisch or Bridget Brell Holt, at 419.241.5049.  Remember – it will take some time for a transfer from your broker to the Foundation, so please contact the Foundation staff as soon as possible if you are considering this option so we can be most helpful in accomplishing your goals.

Year-End Giving

Remember, all gifts to the Toledo Community Foundation for tax year 2014 must be received in the Foundation office by 12:00 noon on December 31, 2014 or have a US Postal Service postmark dated December 31, 2014 if mailed.

We are available to assist you with your year-end gifts. Please call on us at 419.241.5049.  

Contact Us

300 Madison Avenue
Suite 1300
Toledo, OH 43604
P     419.241.5049

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