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If you are 70 ½ years or older, you can take advantage of a simple way to support the MSPCA-Angell and receive tax benefits in return. You can give directly from your IRA without having to pay federal income taxes on this money. This law no longer has an expiration date, so you can take advantage of this opportunity to make gifts to the MSPCA this year and into the future.
Taxpayers age 70½ and older are required to make annual distributions from their IRAs which are then included in the taxpayers’ adjusted gross income (AGI) and subject to taxes. The IRA Charitable Rollover permits those taxpayers to make gifts directly to charitable organizations such as MSPCA Angell from their IRAs without counting them as part of their AGI and, consequently, without paying taxes on them.
A donor’s total combined charitable IRA rollover contributions cannot exceed $100,000 in any one year.
Charitable contributions from an IRA must go directly to a public charity that is not a supporting organization. Contributions to donor-advised funds and private foundations, except in narrow circumstances, do not qualify for tax-free IRA rollover contributions.
Distributions can only be made from traditional Individual Retirement Accounts or Roth IRAs. Charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible for the tax-free treatment.
Distributions must be made directly from the IRA trustee payable to the public charity. Please click here for a sample letter you can use to your plan administrator.
Donors cannot receive any goods or services in return for charitable IRA rollover contributions in order to qualify for tax-free treatment. IRA rollover gifts do not qualify for a charitable deduction for income tax purposes.
In order to benefit from the tax-free treatment, donors must obtain written substantiation of each IRA rollover contribution from each recipient charity.
