The IRA Charitable Rollover is Permanent
There is great news if you’re age 70 ½ and older and make charitable donations. If you want to make a donation to Virginia Mason or any other nonprofits, you can now donate up to $100,000 tax free from your Individual Retirement Account (IRA) each year. Generally distributions from IRAs are treated as taxable income. But this new change was made permanent through the Consolidated Appropriations Act of 2016.
Tax Free Contribution
If you qualify, a donation from your IRA made directly to charity will count as part of your yearly required minimum distribution (RMD). IRS rules mandate that individuals age 70 ½ and older take RMDs from their IRA each year regardless of whether income is needed. These distributions are subject to income taxes, but if you make a charitable contribution from your IRA, it is not taxable.
Benefits to All
You can help further Virginia Mason’s mission and reduce your taxes at the same time with this strategy. There are many benefits for you and Virginia Mason. To make a contribution, ask your IRA administrator to make a transfer from the IRA directly to Virginia Mason. Please let us know your plans and we can use your gift for the programs that mean the most to you.
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