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Charitable IRA Rollover

Dec 31 calendar graphicThe recent "fiscal cliff" tax act has revived a previously lapsed opportunity for donors who are at least 70 ½ years old.

Donors who are at least 70 ½ years old can make direct charitable transfers from their IRA(s) to the Pacific Skyline Council, BSA, or other public charity and avoid being taxed on the distribution. A donor may give up to a total of $100,000 per year; a spouse may give a similar amount, if it is out of a different and separate IRA. These gifts may be made at any time prior to January 1st, 2014. Caveat: IRA transfers into new or existing Donor Advised Funds do not qualify for this special tax treatment. Charitable IRA distributions must be outright gifts, with no goods or services received by the donor in return (though gifts may be designated to a specific use or purpose at the charity).

This should not be taken as tax or legal advice. Please work with your professional advisers to determine the effect of these rules on your specific tax situation. 

For those who wish to make additional gifts , or those who cannot take advantage of the "charitable IRA" gift, the new Tax Act offers increased tax benefits for gifts of appreciated property (stocks, real estate, etc.), gift annuities, and charitable trusts. If there is a "silver lining" to higher tax rates for most donors, it is that higher tax rates tend to provide greater tax savings for all charitable gifts.  

Please contact Mark Manchester at the Pacific Skyline Council, BSA with specific questions , and thank you for your continuing support. Call (650) 341.5633 or email mark.manchester@scouting.org.

Please share this timely tax information with your friends of Scouting!

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