IRA Roll Over Gifts
On December 18, 2015, President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015. This act allows IRA owners aged 70 1/2 and older to make tax free distributions of up to $100,000 directly to a qualified charity free of federal income tax.
The IRA rollover gift is a great way for people who qualify to support the causes they care about. IRA rollover gifts can make a significant difference, and The Phillips Collection welcomes such gifts to support our award-winning educational programs and acclaimed exhibitions.
Qualifying transfers must meet the following:
- Transfers up to $100,000 directly from an IRA. This opportunity applies only to IRAs and not other types of retirement plans.
- Only traditional, rollover, and Roth IRAs (the latter must have been open for at least five years and meet other conditions) can be the source of such transfers.
- Funds transfer outright to one or more qualified charities. The legislation does not permit direct transfers to charitable trusts, donor advised funds, charitable gift annuities, or supporting organizations.
For gifts to be counted toward the required minimum distribution (RMD), distributions must be made by December 31 of a given tax year to be included in that tax year.
The Phillips Collection contact information is:
The Phillips Collection
1600 21st Street, NW
Washington, DC 20009
Tax ID number is 53-0204620
If you are considering making an IRA rollover gift and would like more information, please contact:
Please be advised that it is wise to consult with your tax professionals if you are contemplating a charitable gift under the extended law.