In 2015, Congress and President Obama made permanent the previously temporary provisions of the IRA charitable rollover.
The IRA charitable rollover works like this: once you reach age 70 ½, you can make a gift of any size (up to $100,000) to Norway House or any other qualified charity directly from your IRA. Those gifts count towards the required minimum distributions you must take annually. You cannot, however, claim an itemized charitable deduction for them.
This giving opportunity may be of great benefit to those of you who are required to take an annual distribution from your IRA. If you’re interested in knowing more, please call Director of Development Rebecca Jorgenson Sundquist at 952-221-3400. Rebecca can answer any questions and provide you with a sample letter of instruction for your IRA administrator.