IRA ROLLOVERAn IRA Charitable Rollover provides owners of Individual Retirement Accounts (IRAs) with a unique giving opportunity. IRA owners can support their favorite charities without being subject to federal income tax on the distribution from a traditional IRA. This is particularly beneficial for those with a passion for charitable giving who need to take their required minimum distribution but do not necessarily need the income this year.

How does it work?
IRA owners who are 70 and one half years old or older can transfer up to $100,000 of IRA assets to public charities without being subject to federal income tax on the distribution. If married, each spouse can transfer up to $100,000 from his or her IRA. The charitable gift must be made directly from the custodian of the IRA to the qualifying charity.

Who can benefit from using the charitable IRA rollover to make a gift?
  • Those with significant assets in an IRA
  • Those who do not itemize deductions for income tax purposes
Can the IRA Charitable Rollover support any charity?

While it can support most charities, this gift may not be contributed to donor-advised funds and most private foundations. There are also supporting organizations that may not qualify to receive such a gift.

How can the Community Foundation of Tampa Bay help?

We have a variety of charitable funds that qualify for the IRA charitable rollover. These include funds that support up to four of your favorite local and/or national charities and funds that support your charitable field of interests.  We also offer a fund known as the Community Impact Fund that responds to ongoing and emerging needs in our community.

Regardless of how you support your favorite charities, we always recommend that you consult your tax advisor to see what’s right for you and your individual tax situation. We’d love to help you with your charitable giving. Please reach out to the Community Foundation of Tampa Bay at (813) 282-1975 or visit www.cftampabay.org to get started.

We’d love to help you with your charitable giving. Please reach out to: Sheila Kinman, CAP®, Senior Vice President-Philanthropy at the Community Foundation of Tampa Bay, at (813) 282-1975.

Sheila Kinman, CAP® is the Senior Vice President of Philanthropy at the Community Foundation where she helps donors design and fulfill their charitable giving goals. She is also a Charted Advisor in Philanthropy (CAP®), a designation that provides knowledge for guiding charitable individuals, businesses and foundations.