IRA Charitable Rollover Gifts for 2017

We are looking for the following people:

     1.  Age 70-1/2 years old, or older

     2.  Have a retirement account

     3.  Make regular gifts to your Parish or the Archdiocese,

If you or someone you know qualifies, then...

You need to consider making your gifts to your Parish or the Archdiocese directly from your Retirement Account and avoiding the income tax you would pay if you receive your forced distribution directly to yourself, and then made the charitable gifts.  

The IRA charitable rollover allowing donors to make qualified charitable distributions of up to $100,000 per year from Individual Retirement Accounts (IRAs) was made permanent in legislation enacted in December 2015. Now virtually every IRA holder aged 70-1/2 or older can benefit from this giving opportunity.  

A 2014 survey of households owning IRAs from the Investment Company Institute indicated that approximately 40 million households headed by seniors, or roughly 34 percent of this demographic, had some type of IRA. .

The advantage to donors is that their donation from their IRA is a tax-free charitable gift.

Here is a quick recap of the IRA charitable rollover rules. Gifts qualify under the law if:

  1. The donor is age 70½ or older on the day of the gift.
  2. The donor transferred up to $100,000 directly from the donor's IRA to one or more qualified charities anytime during 2017. This opportunity applies only to IRAs and not other types of retirement plans. (But you can plan ahead and transfer many retirement accounts into an IRA in order to qualify).
  3. The donor does not receive any goods or services in return for the rollover gift in order to qualify for tax-free treatment.
  4. The donor makes the gift by Dec. 31, 2017.

Again, if you make the gift directly from the IRA to the Parish or Archdiocese, (including Offertory giving or Annual Catholic Appeal giving), the gift, although a distribution from your IRA, is not taxable. This lowers your Adjusted Gross Income and the taxes you pay, and it can have an affect the amount you receive from Social Security. This is great if you don't itemize your deductions under Schedule A.  (You also cannot take a charitable tax deduction for this gift as you are already getting the tax advantage from the lower AGI.)

If you have any questions regarding the IRA charitable rollover, please contact Barney Semtner at:

The Catholic Foundation of Oklahoma, Inc.
P.O. Box 32180  *  Oklahoma City, OK 73123
(405) 721-4115 *
This email address is being protected from spambots. You need JavaScript enabled to view it.


Please Remember the Archdiocese of Oklahoma City in Your Estate Plans