Professional Advisors Help Clients Give Retirement Assets to Charity, Tax-Free

IRA Rollover

Did your clients remember to take advantage of the qualified charitable distribution from their traditional IRA last year? Current legislation allows qualified American seniors to make the gift of a lifetime by transferring a portion of their IRAs to charity, free from federal tax.

Community Foundation of Tampa Bay is pleased to help members of our community give in this way.

Americans age 70 1/2 or older can make tax-free IRA contributions to certain public charities such as a variety of funds at the community foundation. However, gifts to Donor Advised Funds, Supporting Organizations and private foundations do not qualify for preferential tax treatment.

Clients who might be interested in this charitable opportunity include those who:

  • Have excess retirement savings.
  • Accept minimum distributions from an IRA and have alternative sources of income.
  • Have designated a favorite charity as the beneficiary of retirement assets.
  • Care about the community and want to know their gifts will make a difference.

Example: Mr. Smith, age 75, has accumulated approximately $2,000,000 in his IRA accounts. He has other sources of wealth and plans to leave a sizable estate to his heirs and charity. Under this legislation, Mr. Smith can create a fund at the community foundation by transferring IRA funds tax-free. Mr. Smith can transfer up to $100,000 annually and additionally if Mr. Smith is married, his wife can also make a similar gift from her IRA accounts.

This is just one way the community foundation can work with you to help achieve your personal, financial and charitable goals. We are a single, trusted vehicle you can use to address your client’s charitable giving goals while gaining maximum tax benefits for them.

We welcome the opportunity to discuss this charitable giving opportunity with you.
Please contact Sheila Kinman at (813) 609-4857 or email at kinman@cftampabay.org
or Denyve Boyle at 813-609-4868 or email at dboyle@cftampabay.org.