Please Take Advantage of the IRA Charitable Rollover

On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act, which reinstated the IRA Charitable Rollover provision allowing individuals aged 70 ½ and older to transfer their mandatory minimum distribution (up to $100,000) directly to qualified charities.

You can make your mandatory distribution into a wonderful gift for the Susquehanna County Historical Society & Free Library Association.

 

Take advantage of this giving opportunity!

WHAT THIS MEANS FOR THE SUSQUEHANNA COUNTY HISTORICAL SOCIETY & FREE LIBRARY ASSOCIATION – AND YOU

  • You must be at least age 70 ½ at the time of the charitable distribution.

  • You may distribute up to $100,000 for the 2018 tax year.

  • Call your financial planner to set up a transfer.

  • A distribution must be made directly from the trustee/administrator of your IRA directly to the SCHS&FLA, satisfying the required minimum distribution rule (you cannot receive the distribution prior to gifting to charity without incurring tax liability).

  • No charitable deduction is allowed, but the distribution is excluded from your income for federal tax purposes.

  • Please notify the SCHS&FLA of your intention at Susquehanna County Library, 458 High School Rd., Montrose, PA  18801 or 570-278-1881.