IRA Charitable Rollover

Great news for donors who are planning on supporting the Church through your IRA!

Congress and President Obama have made it more advantageous for you to support St. Andrew Parish, find out more here.

The following letter was recently sent to us from the Archdiocese of Chicago. Everything written here can apply to a gift to St. Andrew Parish and School as well as to the Archdiocese of Chicago. If you have the means to be generous, we are grateful for your consideration of supporting St. Andrew Parish and School. You can reach us by contacting Esperanza Benavides at esperanzabenavides@gosaintandrew.com.

 

 

Dear Friend,

Congress and President Obama have reinstated a law allowing you to make a tax-free gift to support the Church from your IRA. The Protecting Americans from Tax Hikes (PATH) Act of 2015 makes permanent the IRA charitable rollover for 2015 and beyond.

Donors aged 70½ or older who transfer up to $100,000 from their IRAs directly to qualified charities will not have to pay income tax on the money.

While this new law does not have an expiration date, you will need to act fast to take advantage of the opportunity this year. Funds must transfer directly from your IRA custodian to the “Archdiocese of Chicago, 835 North Street, Chicago, IL 60611” in order to avoid a taxable event. You may designate your gift to the Archdiocese to your parish, the Annual Catholic Appeal or another ministry.

A recap of the IRA charitable rollover rules:

  • If you are 70½ or older, you can give up to $100,000 directly from your IRA to charities such as the Archdiocese.
  • This opportunity applies to both Traditional and Roth IRAs but not to other types of retirement plans.
  • You pay no income tax on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your tax deductions.
  • The gift can satisfy all or part of the required minimum distribution for the year.
  • The transfer may be made in addition to any other charitable giving you have planned.
  • The gift needs to be made by December 31, 2015, if you want your gift to qualify this year.
  • If you have made a gift of up to $100,000 directly from an IRA in 2015, the gift will qualify under the new law. Please visit with your IRA custodian in order to verify your transfer in light of this new legislation.
  • You must distribute the gift amount directly from your IRA. It is important that you do not withdraw the funds prior to making your gift.

If you are interested in this unique opportunity to help the Church, or if you have any questions, please contact me right away at (312) 534-5396 or
eschriver@archchicago.org

For the Archdiocese,

Elin Schriver
Relationship Manager, Planned Giving

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