Dec. 29, 2015
FOR IMMEDIATE RELEASE
Charitable IRA Rollover Renewed for 2015 and Beyond
Angus Foundation donors are encouraged to consider this charitable giving option.
On Dec. 18, 2015, President Obama signed legislation that indefinitely extends the charitable Individual Retirement Account (IRA) rollover, making it retroactive to Jan. 1, 2015, with no expiration date.
The charitable IRA rollover, or qualified charitable distribution, is a special provision allowing certain donors to exclude from taxable income — and count toward their required minimum distribution — certain transfers of IRA assets made directly to public charities, including the Angus Foundation.
Since it was first made available in tax year 2006, Angus Foundation supporters age 70½ or older have used this popular option to fund Angus education, youth and research programs of their choice with restricted tax-free gifts ranging from $100 to $100,000.
Charitable IRA rollover gifts of $10,000 or more, for example, can be designated by the Angus supporter to establish a permanent endowment fund in their name, Angus farm/ranch name, or in memory of a family member through an Angus youth scholarship.
Additionally, charitable IRA rollovers make it easy to use IRA assets, during an individual’s lifetime, to make charitable gifts. Under current law, withdrawals from traditional IRAs and certain Roth IRAs are taxed as income, even if they are immediately directed to a charity. The donor receives a tax deduction for his or her donation, but various other federal, and sometimes state, tax rules can prevent the deduction from fully offsetting this taxable income. As a result, many donors have chosen not to use IRA assets for lifetime gifts. The charitable IRA rollover legislation recently announced eliminates this problem.
Individual taxpayer’s total charitable IRS rollover gifts cannot exceed $100,000 per tax year, and must be completed in calendar year 2015 for the current tax year.
“One very appealing feature is if you have not already taken your required minimum distribution in a given year, a qualifying IRA rollover gift can also count toward satisfying this requirement,” says Milford Jenkins, Angus Foundation president. “You will want to act quickly if you wish to support the Angus Foundation or other qualifying charity of your choice with a 2015 charitable IRA rollover gift by Dec. 31, 2015.”
To learn more about this charitable giving option, please consult with your income tax advisor and financial planners. Feel free to also contact Jenkins at 816-383-5163 or email firstname.lastname@example.org to learn how your support through a charitable IRA rollover provision to the Angus Foundation can make a difference in education, youth and research for the advancement of the Angus breed.
About Angus Foundation
Established as a 501(c)(3) organization in 1980, the Angus Foundation remains focused on its mission to support Angus education, youth and research. The organization has presented more than $2.4 million in youth scholarships since 1998, and has also invested more than $1 million in beef cattle research throughout the past decade.
To learn more about the Angus Foundation and the programs it supports, call the Angus Foundation at 816-383-5100 or go to www.angusfoundation.org.
ANGUS MEANS BUSINESS. The American Angus Association® is the nation’s largest beef breed organization, serving more than 25,000 members across the United States, Canada and several other countries. It’s home to an extensive breed registry that grows by nearly 300,000 animals each year. The Association also provides programs and services to farmers, ranchers and others who rely on Angus to produce quality genetics for the beef industry and quality beef for consumers.
For more information about Angus cattle and the American Angus Association, visit www.angus.org.