Consider a Charitable IRA Rollover
Each year since 2006, Congress has allowed certain donors to make a gift through a Charitable IRA Rollover where the IRA administrator makes the distribution directly to a qualified charity, such as the United Methodist Foundation of West Virginia, Inc. Until late last year, the rollover provision has only been enacted at the end of each year, so donors have often had to wait until the end of the year to know whether this helpful tool of planned giving has been an option for them.
The Protecting Americans From Tax Hikes (PATH) Act of 2015 was passed with bipartisan support by Congress and signed into law by President Obama on December 18, 2015. This law makes the Charitable IRA Rollover a permanent option for donors beginning retroactively for 2015. That is, it is permanent until Congress decides to change it again.
Each IRA owner over age 70½ may make a transfer of up to $100,000 per year to a qualified charity (such as the United Methodist Foundation of West Virginia, Inc.). The transfer is a non-taxable event; it is not reported as income, and there is no charitable contribution deduction. A charitable IRA Rollover may fulfill part or all of your required minimum distribution (RMD).
If you would like to consider the possibilities of a Charitable IRA Rollover, contact your IRA Administrator and The Foundation.