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Charitable IRA Rollover
The Pension Protection Act of 2006 was signed in August, allowing IRA owners age 70 1/2 and older to “rollover” directly to Oklahoma Disciples Foundation (or any charity) up to $100,000 in 2006 and 2007. The transferred amount is excluded from the IRA owner’s taxable income and can count toward the minimum required distribution in each year. To qualify, the transfer must be made directly from the IRA to the foundation and must be for an outright gift (not a trust or other planned gift). There is not an income tax deduction for this contribution; the amount is simply not included as income.
Other requirements are: the contribution must be to a public charity, but not to a donor-advised fund at a charity; the transfer cannot go to a private foundation or supporting organization; and it must come from a traditional IRA.
An IRA Charitable Rollover can be used to establish a new fund in Oklahoma Disciples Foundation, or add to an existing fund. For more details email lghill@okdisciplesfoundation.org or call 405.525.6530.
