Charitable IRA Rollover

A tax-wise gift from your individual retirement account (IRA)

A charitable IRA rollover is a gift option that enables donors age 70 ½ and older to transfer up to $100,000 directly from the donor’s IRA (or IRAs) to a qualified charity each year. The donor does not recognize the transfer as taxable income on his or her tax return. Likewise, this transfer may not be claimed as a charitable tax deduction.

Here’s how it works:

• The donor must be 70 ½ or older at the time of distribution.
• The donor can give up to $100,000 each year from his or her IRA(s). A couple with separate IRAs can donate up to $100,000 each from their respective IRAs.
• The gift should be transferred from the IRA to the charity. The donor should not accept any distribution of funds intended for a charitable IRA rollover.
• Charitable IRA rollover is available only for gifts from a traditional IRA and not from any other type of retirement plan (401(k), 403(b), 457, Keough, ESOP, etc.).
• Please check with your financial advisor to determine how a charitable IRA rollover give will impact you.

If you would like more information on how charitable IRA rollover can assist your philanthropic support of Jupiter Medical Center Foundation, please contact Jennifer Amarnick, Director of Development and Planned Giving at 561-263-3761.

* For example, the following transfers will not qualify: distributions to private foundations, to donor advised funds, for life income gifts (e.g., charitable remainder trusts), and for any purpose that entitles you to receive a benefit, such as preferred seating at athletic events or tickets to a dinner.