Tax-Free Gifts from your IRA

IRA Charitable Rollover Extended Indefinitely!

For those over age 70½, it is possible to make tax-favored charitable gifts from traditional and Roth IRA accounts.

Congress and the President have renewed the law that allows you to make a tax-free gift to Wooster School from your IRA. Known as the IRA Charitable Rollover, the law will remain in effect for 2016 and beyond.

A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to Wooster School of federal income tax. There may also be state income tax savings.

The rollover must come directly from your IRA custodian. Check with your IRA administrator or your advisors for more information.

Basic Provisions

• You must be at least 70½ years of age
• Tax benefits apply for gifts that total up to $100,000 per person per year. If a spouse has an IRA and is 70½ or older, he/she can also give up to $100,000.
• You must transfer funds directly from an IRA to one or more eligible charitable organizations, like Wooster School.
• The law applies only to direct gifts to charity, not for planned gifts such as charitable gift annuities or charitable remainder trusts.