Now you can reliably plan charitable IRA rollover gifts, year after year. On Dec. 18, 2015, the president signed legislation indefinitely extending the charitable IRA rollover, making it retroactive to Jan. 1, 2015, with no expiration date.
Read below for answers to frequently asked questions about this popular option. Feel free also to call Kate Olney, Director of Development at 802-479-8525 or email firstname.lastname@example.org to learn how the charitable IRA rollover provision can help you support your area of interest at Vermont Historical Society.
A Donor's thoughts on giving via IRA rollovers: Recently I have been able to use a new vehicle for making my annual gift to the Vermont Historical Society. Actually, I first learned of this option many years ago at a VHS board meeting, but had filed the information until I was age 70 ½ when I became eligible to use it. At this age anyone with a retirement account is required by law to begin taking annual “RMD’s” (“Required Minimum Distributions”). The bank or investment firm will notify you of the required amount and the necessary timing. If you take the distribution as cash, it will be treated as income for tax purposes. But if you have them gift it directly to an eligible 501(c)3 organization such as VHS, it may be done tax free. You may direct the entire RMD to one organization or divide it among several, as I did. Using the RMD for some of your charitable giving may even permit you to be more generous than you could have been when making your gift out of discretionary funds. This is truly a situation where everyone wins-VHS, of course, but also you, since you are avoiding a tax penalty, and making a gift you would have made anyway. Try it; you’ll like it! - Sarah Dopp, VHS Trustee