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Toledo Community Foundation

IRA Charitable Rollover Signed Into Law and Made Permanent

Published on 12/18/2015 by Joanne Olnhausen

Making the IRA Charitable Rollover permanent law was one of the many items included in the Spending and Tax legislation signed by President Obama today.  This popular giving option for individuals 70.5 or older was renewed retroactively to January 1, 2015. 

Action Needed for 2015
While the IRA rollover provision is now a permanent law, please note that anyone wishing to make an IRA rollover gift in 2015 must do so before December 31, 2015. 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.  

For more information in this regard, please call the Foundation Philanthropic Services Officers, Ken Frisch or Bridget Brell Holt, at 419.241.5049.

Year End Giving
Remember, all gifts to Toledo Community Foundation for tax year 2015 must be received in the Foundation office by 3:00pm on December 31, 2015 or have a US Postal Service postmark dated December 31, 2015 if mailed.

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