IRA Charitable Rollover Gifts for 2016

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 2016. This opportunity applies only to IRAs and not other types of retirement plans.
  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, 2016.

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 *
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Please Remember the Archdiocese of Oklahoma City in Your Estate Plans