IRA Charitable Distribution

On December 18th, the President signed into law legislation that retroactively extends the IRA charitable distribution for 2015 and makes this provision permanent for future years. For IRA holders aged 70 1/2 and older, a total of up to $100,000 can be transferred directly from traditional or Roth IRAs to one or more qualified charities such as OHSU Foundation or Doernbecher Children’s Hospital Foundation free from federal income tax each year. There may also be state income tax savings. Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift.

To make such gifts, it is important to not withdraw funds prior to a gift, but have the gift amount distributed directly from an IRA to one or more qualified charities.

Check with us, your IRA administrator or your tax advisor for more information.

OHSU Foundation Tax ID: 23-7083114
Doernbecher Foundation Tax ID: 93-0579589