What is an IRA Charitable Rollover?
The Act uses the term “qualified charitable distribution” to describe an IRA charitable rollover. A qualified charitable distribution is a distribution from a traditional IRA of an individual who is 70 ½ or older to an eligible charitable organization. An individual may exclude up to $100,000 from his/her gross income for each tax year for qualified charitable distributions from IRAs. To which charities may donors make qualified charitable distributions? Most contributions to public charities other than supporting organizations are considered qualified charitable contributions. However, distributions to donor-advised funds held by public charities are not qualified charitable distributions. Qualified charitable distributions may also be made to private operating foundations or private foundations that elect to meet the conduit rules in the year of the distribution. Private non-operating foundations and split interest trusts are not eligible for special treatment as qualified charitable
Related Questions
- When does the IRA Charitable Rollover provision of the Emergency Economic Stabilization Act of 2008 (H.R. 1424) take effect?
- What is The IRA Charitable Rollover provision of the Emergency Economic Stabilization Act of 2008 (H.R. 1424)?
- Can I automatically rollover my Account balance to an IRA when I reach age 59 1 /2?
