Congress has just approved a tax incentive that will make it easier and more cost-effective for donors to roll over funds from their IRA accounts to nonprofit organizations such as Sweet Briar.
Director of Major and Planned Gifts Claire Dennison Griffith ’80 notes that this gift provides a way for members age 70 and \0xBD or older to transfer up to $100,000 tax-free from an IRA directly to Sweet Briar.
“The gift provides the equivalent of a 100 percent income tax charitable deduction, since the amount transferred to Sweet Briar College is never included in the donor’s income,” Griffith said.
In addition, the deduction will “not be subject to any of the limits that otherwise apply to an income tax charitable contribution deduction.”
An individual’s required minimum distribution can be made to Sweet Briar College as part of the Charitable IRA Rollover Gift. Griffith notes that donors need to act now to make this gift, as it must be completed by Dec. 31, 2015.
To make this gift, or to obtain additional information that will be helpful in completing this tax-smart donation, please contact Griffith at (434) 381-6479 or email@example.com.