The IRA charitable rollover can benefit you in your philanthropy. Direct gifts to WTTW and WFMT from your annual IRA distribution can:
- Be an easy and convenient way to make a gift from one of your major assets.
- Be excluded from your gross income: a tax-free rollover.
- Count toward your required minimum distribution.
You may contribute funds this way if:
- You are age 70½ or older at the time of the gift.
- You transfer up to $100,000 directly from your IRA. This opportunity applies only to IRAs and not other types of retirement plans.
- You transfer the funds outright to one or more qualified charities. The legislation does not permit direct transfers to charitable trusts, donor advised funds, charitable gift annuities or supporting organizations.
- You make your gift by December 31 for the gift to qualify this year.
Please note: If you write a check from an IRA account checkbook directly to a qualified charity, the donation will count as part of your required minimum distribution on the date the check clears your IRA account. Please allow ample time for the check to be deposited by WFMT and processed by your bank.
You can also make WFMT a part of your estate plan by naming us as a beneficiary of your IRA or other retirement account.
To learn more about supporting WFMT with your IRA or retirement plan, please contact Kathy Kielar at (773) 509-5553 or [email protected].