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Charitable IRA Rollover Extended Through 2013

Due to extended legislation for 2013, you can make a charitable gift directly to MPBN using your Traditional or Roth IRA.

Donations will count toward the donor’s required minimum distributions and may help to reduce adjusted gross income. And, the transfer generates neither taxable income nor a tax deduction, so you don’t have to itemize to take advantage of this opportunity.

A gift that qualifies, technically termed a “qualified charitable distribution,” must be:

  • Made by a donor age 70½ or older

  • Transferred from a traditional or Roth IRA directly to a permissible public charity, such as MPBN

  • Not made from 401(k) or 403(b) accounts (under certain circumstances, donors may convert assets from a 401(k) or 403(b) into an IRA and then make a gift to MPBN)

  • Outright (not to a donor-advised fund, support organization, or to fund a life-income gift.)

  • Completed in calendar year 2013 for the 2013 tax year

  • A maximum of $100,000

We encourage you to contact your plan provider directly to find out what they require to initiate a charitable distribution. For a sample letter to an IRA administrator/custodian requesting a direct charitable distribution for a charitable IRA rollover, please click here.

For more information on this tax-efficient way to give, please contact:

Jennifer Foley
VP of Development
207-330-4510
jfoley@mpbn.net

This information is for informational purposes only and should not be construed as tax or legal advice. MPBN does not offer financial advice. We recommend reviewing any gift plan with your personal advisors.

 

 

 

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