December, 2015, Congress Passes Permanent Charitable Tax Giving Incentives
The IRA Charitable Rollover provision allows individuals who have reached age 70½ to donate up to $100,000 to charitable organizations, including Agape Flights, directly from their Individual Retirement Account (IRA), without treating the distribution as taxable income. Previously, the giving incentive was reinstated retroactively for only the 2014 tax year, but expired again on January 1, 2015. The December, 2015 decision for a permanent charitable tax incentive is good news!
With this provision, the money transferred to Agape Flights is not taxable but does count toward the required minimum distribution. Thus, you can put the distribution to good use while not having to pay income tax on it. An individual taxpayer’s total charitable IRA rollover gifts cannot exceed $100,000 per tax year.
As always, donors should consult with their financial advisors and/or tax professionals.
More Detailed Information available at www.independentsector.org/ira_rollover
If you have questions about making such a gift to Agape Flights, or to notify us of your gift intentions, please contact Carole Leman, Agape’s Director of Development by phone at 941-488-0990 or email firstname.lastname@example.org.
We appreciate knowing about your gift intentions especially when IRA distribution checks sent to Agape Flights fail to identify the donor.
Information you’ll need to request an IRA gift distribution to Agape Flights:
Legal name of organization: Agape Flights, Inc.
Agape Flights’ EIN: 59-2057436
Please request that your donor name information is included with distribution checks sent to Agape Flights.