IRA Charitable Rollover
The IRA Charitable Rollover Law (permanently extended) allows individuals 70½ or older to give up to $100,000 directly from their IRA to qualified charities without paying federal income tax on the withdrawal. If you wish to make a gift to benefit Beth El, a qualified charitable distribution from your IRA can be a great option.
IRA Charitable Rollover details:
- Donors must be age 70½ or older at the time the gift is made.
- Only traditional IRAs are eligible. However, owners of other types of qualified plans may roll assets into a new IRA to allow them to make gifts if such a rollover is otherwise permitted. Donors should consult with their advisor before doing so.
- Donors must ask their plan administrator to make a direct transfer of funds to a qualified public charity. It is important not to withdraw funds before making a gift.
- Gifts cannot be used to fund a gift annuity or charitable remainder trust.
- Each donor may give up to $100,000 per year. For couples, each spouse may give up to $100,000 from their IRA.
- Distributions made under this law can be used to satisfy the donor’s required minimum distribution (RMD). However, qualified charitable distributions are not limited to the donor’s RMD.
- Donors can choose to exclude the distribution from income on their federal tax return. If they do, they will not receive a charitable income tax deduction.
- To qualify for tax-free treatment, donors cannot receive goods, services, or a personal benefit (such as tickets for events) in return for the IRA charitable rollover gift.
To make a gift to Beth El Synagogue or Foundation from an IRA, contact your IRA plan administrator and request a direct qualified charitable distribution from the IRA account to either:
Beth El Synagogue (Tax ID number: 41-0711587)
Beth El Foundation (Tax ID number: 46-4866772)
Please mail checks to:
Beth El Synagogue OR Beth El Foundation
Attn: Matt Walzer
5225 Barry Street West
St. Louis Park, MN 55416
Please contact Beth El to inform us of your gift and how you would like it directed (Beth El’s general fund, specific program, or fund).
Information on this website is not intended as legal or tax advice. Please consult your professional advisor for information on how any gift may affect your tax situation.