Something great is back! On Dec. 18th the IRA Charitable Rollover became law and is retroactive to January 1, 2015.
What does this mean? If you are 70 ½ or older you can directly move funds from your IRA to a charitable organization without having to pay income tax on the funds distributed.
How can you qualify?
• You must be 70 ½ or older on the day you make the gift.
• It must be made from an IRA and you are limited to a $100,000 gift.
• You didn't receive goods or services for this gift.
• The gift was made by Dec. 31, 2015 to qualify for this year's exemption.
Of course, we suggest you contact your tax professional to see if you qualify.
If you are interested in making a gift to benefit the parish, contact Chuck Tully at (650) 494-2496 Ext 20 or
[email protected].