Last Friday, Congress made charitable giving even sweeter. The PATH Act, now permanent law, allows individuals age 70 ½ or older to transfer up to $100,000 from an IRA account to their favorite charitable organization without the money being subject to income taxes. This is effective immediately which means you must act quickly to take advantage of the benefits for 2015!
Here are the details:
• You must be 70 ½ or older to qualify.
• You can transfer up to $100,000 from an IRA to a charitable organization.
• No income taxes are paid on the gift.
• The gift can count towards your minimum distribution requirement.
• If you have already made a gift from an IRA account in 2015 to a charitable organization, the gift will qualify under the new law.
• If you would like to take advantage of this new law in 2015, you must make a donation before December 31, 2015! Contact your IRA administrator for more information.
Donating from your IRA account is a great way to support Carpenter’s Shelter. At Carpenter’s Shelter, we rely on the support of the community to serve hundreds of homeless and formerly homeless individuals and families each year. Contact your IRA administrator with questions or to make a donation to Carpenter’s Shelter.