For a limited time, the North Carolina Community Foundation can help you turn your retirement assets into lasting charitable gifts. Current federal law allows qualified seniors to make a tax-free charitable gift directly from their IRAs. Opportunities for this year expire Dec. 31, 2013. It is currently uncertain whether this provision will be renewed for the future.
Until Dec. 31, 2013, anyone 70 ½ years and older can make tax-free IRA rollover gifts to the NCCF of up to $100,000. You may use your “required minimum IRA distributions” to make these gifts to many types of funds at the NCCF, including:
- Designated funds to benefit a favorite charity
- Scholarship funds to support students seeking higher education degrees
- Community grantmaking (“unrestricted”) funds that award grants to deserving nonprofits in your county
If you have questions, contact your professional tax advisor or call the NCCF at 919-828-4387 to learn more about how you can make your IRA charitable distribution and benefit your community in perpetuity.