We ask that you consider making a gift or pledge to the CSI Foundation’s Annual Fund, which can provide much needed scholarship funds, sponsor undergraduate research projects, improve technology and communications on campus, and support our NCAA Division III Athletic teams. For advice on how to make this gift to CSI, please contact Cheryl Adolph at firstname.lastname@example.org.
The following are alternative ways to make gifts/pledges to the College of Staten Island Foundation. We strongly recommend that you consult with your tax advisor/financial planner to fully realize the tax/planning implications of your gift.
IRA Charitable Rollover Gifts 2017 Tax Year
December 23, 2016
This summary provides information for donors considering an IRA charitable rollover gift. A bill was signed into law by the former President Obama on December 18, 2015, making the IRA charitable rollover permanent.
Among the provisions of the bill is an exclusion from gross income for income tax purposes of up to $100,000 (per IRA account owner) for “qualified charitable distributions” from an Individual Retirement Account (IRA). The distribution will count toward an individual’s Required Minimum Distribution (RMD). The statutory requirements for a “qualified charitable distribution” are as follows (for more information see https://www.irs.gov/uac/newsroom/irs-offers-tips-for-year-end-giving-2013:
- The distribution must be made from an IRA (other retirement accounts are not eligible).
- The recipient must be an eligible charitable organization.
- The IRA’s owner must be at least age 70½.
- The distribution must be made directly to the charity by December 31, 2017. (See below.)
- The distribution must otherwise be fully deductible as a charitable contribution.
- The distribution must otherwise be included in gross income.
Frequently Asked Questions
What are the deadlines to complete a gift? Distributions by wire transfer must be received in CSI Foundation’s account by December 31, 2017. Distributions by check must have a postmark (on the envelope) no later than December 31, 2017. Because of the high volume of year-end gifts, contact your IRA administrator as soon as possible to allow enough time for them to issue your gift before the end of December.
Email email@example.com or call 718.982.2365 if you are planning to make this charitable IRA rollover.
Will there be an opportunity to make IRA rollovers in early 2017 retroactive to the 2016 tax year, as was done in previous years? No. Eligible gifts for 2017 must be received or postmarked by December 31, 2017. However, the permanent extension means that IRA gifts are in effect for 2017 from the beginning of the year.
May I make a gift from my IRA if I have already taken my required minimum distribution (RMD)? Yes. You can exclude up to $100,000 (per IRA account owner) from gross income for qualified charitable donations. The donation counts toward your RMD but is not limited by your RMD.
May I contribute more than $100,000 to a qualified charity from an IRA? Yes. However, the law limits the exclusion from gross income to $100,000. Charitable contributions from an IRA in excess of the $100,000 must follow the general rules pertaining to percentage limitations and itemized contribution reductions.
Are IRA distributions already taken by me eligible to gift as qualified charitable distributions? No. However, you can make gifts from IRA distributions that do not meet the requirements of a qualified charitable distribution. In such cases, the IRA distribution would be recognized as income for income tax purposes and typically would be eligible for a federal income tax charitable deduction.
Is my IRA charitable rollover gift eligible for an income tax charitable deduction? No. Donors of qualified IRA gifts do not receive a federal income tax charitable deduction for the IRA gift, as they are not being taxed on the withdrawal.
Are there other tax advantages to gifting through a qualified IRA? Yes. Qualified IRA gifts are not subject to percentage of adjusted gross income (AGI) limitations for charitable contribut