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Act Now to Take Advantage of IRA Charitable Rollover for 2014

The Senate just passed HR 5771, the Tax Increase Prevention Act of 2014, which includes an extension through December 31, 2014 of the IRA Charitable Rollover.

President Obama has signed the bill.

Due to the short window in which you can complete an IRA Charitable Rollover, we thought it important to share this information with you immediately.

The provision allows individuals age 70½ or older to make tax-free gifts totaling up to $100,000 from a traditional IRA account directly to the American Cancer Society, provided they are completed by 12/31. If your spouse has IRA accounts, you may each make gifts of up to $100,000 from these accounts. While you cannot claim a charitable deduction for IRA gifts, this distribution from your IRA counts towards your minimum required distribution for the account and does not trigger income tax for you. It is a tax-free transfer from the IRA account directly to the American Cancer Society.

In order to complete an IRA Charitable Rollover for 2014, please contact your IRA provider for exact instructions. Such transactions usually take a few weeks, but the provider should be able to fast-track such a transaction because Congress and the President acted so late this year.

If you need additional assistance, please contact our office. If you do plan to complete an IRA Charitable Rollover for the American Cancer Society please let us know so that we can look for it. Thank you for considering a gift to support our work this year. Your dedication and support are sincerely appreciated.

Here are two sample letters of instructions: check transfer and wire transfer. Donors with check writing privileges on the IRA accounts may find this to be the most effective way to make their gifts given the short time frame.