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 Important IRA Charitable Rollover Announcement

There is still time to take advantage of the 2013 IRA Charitable Rollover provision to make your year-end gift to YWCA Delaware.

 Individuals ages 70½ or older may use IRA funds to make tax-free charitable gifts to qualified organizations, such as YWCA Delaware but this provision expires on December 31, 2013.

  • To qualify for the IRA Charitable Rollover, you must be at least age 70½ and transfer funds directly from your IRA administrator to YWCA Delaware. Distributions can only be made from a traditional IRA or Roth IRA. Other retirement plans, such as pensions, 401(k) or 403(b) plans are not eligible; however, your plan administrator can open an IRA in your name and transfer the funds you wish to distribute so that you can participate in this tax-saving opportunity.
  • The maximum distribution is $100,000 each year, per person to all charities; a married couple with separate IRAs may give up to $200,000 in calendar year 2013.
  • The direct distribution counts as part (or all, depending on how much you transfer) of your Required Minimum Distribution for 2013, and because it is sent directly from your IRA to YWCA Delaware, you avoid all income tax associated with the distribution.
  • Charitable rollover gifts may be used to pay down a pledge or as an outright cash gift.
  • The transfer is tax-free and is not included in your adjusted gross income, thus there is no charitable deduction. A transfer is not subject to the 50% of AGI limitation on charitable deductions.
  • December 31, 2013 is the deadline for making charitable rollover gifts for tax year 2013.

For more information, please contact Stephanie Hood at shood@ywcade.org 302-655-0039, ext. 238 or 860-904-2544.