Conrad Teitell Direct IRA Transfers to Charity: Smart Philanthropy
"Now is the time to tell clients about direct transfers from IRAs," writes Conrad Teitell.
August 23, 2024 at 12:00 PM
6 minute read
Now is the time to tell clients about direct transfers from IRAs by individuals 70 and one-half or over. IRA administrators generally can't make the direct transfers to designated charities at the eleventh hour.
The Details
Direct charitable/IRA distributions (tax-free charitable IRA rollovers). Individuals age 70 one-half or older can make direct charitable gifts annually of up to $105,000 (indexed for inflation ceiling for 2024) from an IRA to public charities (other than donor advised funds and supporting organizations) and not have to report the IRA distributions as taxable income on their federal income tax returns.
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