2015 IRA Rollover Update

9/29/2015 Press Release

The IRA Charitable Rollover extension was signed into law by the President on December 18, 2015. This law extends the IRA charitable rollover retroactively for 2015 and makes it permanent into future years. Please note that you may be eligible to take advantage of this legislation by contacting your IRA administrator during the last two weeks of the calendar year if:

  • You are at least 70½ years of age when the gift is made;
  • The transfer is made directly from the IRA administrator to the charity;
  • The gifts from the IRA do not exceed $100,000 per person ($200,000 for a couple) in a given year;
  • No goods or services are given in exchange; and  
  • The gifts are not made to a donor advised fund, a supporting organization, or a private foundation.

Some donors have already made qualifying gifts in 2015 with the hope that the provision would be extended retroactively to the beginning of 2015 – this is in fact what has happened. Please let OCF, or another recipient charity, know if you or a client initiated this transfer earlier in 2015 so that an appropriate acknowledgement may be issued.

The transfer may be applied towards the donor's required minimum distribution and will not be considered taxable income to the donor. However, the donor will not be eligible to take a charitable deduction in 2014 that is equivalent to the transfer amount.

Please contact Wendy Chou at OCF at 503.227.6846 if you have any questions.