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Special tax-free IRA gifts given approval by Congress

Published on December 18, 2015

Special tax-free IRA gifts given approval by Congress

On Friday, December 18, Congress passed legislation that would extend the special IRA rollover incentive for charitable gifts completed in 2015 and future years. It's expected President Obama will sign this extension.

So for people who are 70 1/2 years old and older, it is once again possible to make tax-favored charitable gifts from traditional and Roth IRA accounts.

A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to one or more qualified charities -- such as Lawrence Memorial Hospital Endowment Association -- free from federal income tax each year. There may also be state income tax savings. Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift.

To make such a gift to LMH Endowment Association, it is important to not withdraw funds prior to a gift, but have the gift amount distributed directly from an IRA to LMH Endowment. If you have check-writing privileges on your accounts, this may be the most efficient way to make gifts directly from an IRA.

Call us at 505-6134, your IRA administrator or your tax advisor for more information.

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