Great News for Charitable Donors!  Give yourself a tax break thanks to the IRA Charitable Rollover.

Congress has extended the IRA Charitable Rollover for 2015 and beyond!  This extension allows individuals 70 ½ or older to donate up to $100,000 tax-free from their IRA to the Francis Ouimet Scholarship Fund. This unique opportunity will provide critical support for our mission – to help more young people achieve a college education.

 

To take advantage of this opportunity in 2015 and beyond, here is how to qualify:

  • You must be age 70½ or older on the day of the gift.
  • You can transfer up to $100,000 directly from your IRA to one or more qualified charities. This opportunity applies to traditional IRAs or Roth IRAs only and not to other types of retirement plans.
  • You pay no income tax on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your tax deductions.
  • The gift can satisfy all or part of the required minimum distribution for the year.
  • If you already made a gift of up to $100,000 directly from an IRA in 2015, the gift will qualify under the new law.

 

How to make such a gift:

  • Your IRA assets, up to $100,000, must be transferred directly to the Ouimet Fund. To do this, contact your IRA plan administrator who must transfer funds directly to The Fund. We are happy to help facilitate the transfer!

 

Be sure to check with your financial or tax adviser to confirm you are eligible to take advantage of this tax-free opportunity!

If you are interested in exploring this opportunity further, please contact us at 774.430.9090.

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