In 2015, congress updated the laws with regard to IRA charitable distributions to permanently extend the IRA charitable rollover.
What does this mean?
It means that donors donors age 70½ or older can now make tax-free charitable gifts of up to $100,000 per year directly from their Individual Retirement Accounts directly to charities of their choice, including Madison Cat Project!
How's this work?
Taxpayers age 70½ and older are required to take annual distributions from their IRAs which are then included in their adjusted gross income (AGI) and subject to tax. The IRA charitable rollover permits taxpayers to make donations directly to charitable organizations from their IRAs without counting them as part of their AGI. This rollover distribution counts toward the required minimum distribution for IRAholders.
Interested? Want to know more?
Are you interested in giving to Madison Cat Project in this way? Or are you interested in learning more about how all of this works? Contact our Director, Colin, by emailing him here, or by calling him at 608.535.9550.