DRI and Foundation News

Rollover!  Good IRA.

Rollover!  Good dog.
Rollover! Good IRA.
You can take advantage of this important tax break!

The IRA charitable rollover is back again!  You can direct gifts to the Diabetes Research Institute and take advantage of the 2014 extension of this popular charitable giving opportunity. 

What Are The Benefits?

•Donors can transfer up to $100,000 per year directly from a Traditional or Roth IRA to the Diabetes Research Institute Foundation without paying income taxes on the funds transferred. 

•For those donors who do not itemize deductions, a gift from and IRA is excluded from reportable income, thus simplifying tax returns. 

•Direct transfers from an IRA can satisfy the IRS Required Minimum Distribution (RMD). 

•The giving incentive is of particular value to individuals who do not claim itemized deductions on their tax return because the funds are sent directly to nonprofits from IRA accounts and are never counted as income.

What Are the Rules?

•Donors must be 70 ½ years old or older when making the qualified charitable distribution. 

•The distribution must go directly from a Traditional or Roth IRA to the Diabetes Research Institute Foundation.

•Gifts cannot exceed $100,000 per taxpayer, per year. 

•Gifts must be outright (not to a donor-advised fund, support organization, charitable trust, or charitable gift annuity). 

•Gifts must be made between January 1, 2013 and December 31, 2014.

•The donor does not receive an income tax deduction because there is no tax being paid on the withdrawal of the funds. 

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