Effective through Wednesday December 31, 2014, federal legislation once again permits a rollover directly from an IRA to a qualified public charity.
IRA Rollover Gifts for 2014 must be completed by Wednesday December 31, 2014.
If you, a family member, client or friend is in a position to take advantage of the charitable Rollover provision, JFS can greatly benefit as the recipient.
The IRA Charitable Rollover allows people aged 70 1/2 and older to make direct transfers totaling up to $100,000 per year to qualified charities without having to
count the transfers as income for federal income tax purposes.
The IRA Charitable Rollover extension will EXPIRE on Wednesday December 31, 2014 and does NOT include language that would allow gifts to be made early next year and counted towards the 2014 tax year.
Because it can take up to ten days to complete a charitable rollover gift, anyone who would like to take advantage of the provision for the 2014 tax year should contact
their retirement administrator IMMEDIATELY.
For your convenience, here is a sample letter that you can use with your retirement administrator:
IRA Rollover Letter 2014
If there are stocks to be transferred, please have the administrator contact JFS CFO, Don Drew at firstname.lastname@example.org for stock transfer instructions.
Thank you for believing in the JFS mission, and for your generous support!
Marc Jacobs, LICSW
Chief Executive Officer