Earlier this week Congress and the President reauthorized the IRA charitable rollover – but only through December 31, 2014. This is a last minute and very short term opportunity to use IRA assets to make an additional, tax-free gift at year-end.
Donors age 70 1/2 and older may transfer up to $100,000 from their IRA to a qualified public charity such as MANNA. The transfer is free of federal income tax. IRA owners age 70-1/2 or older can exclude up to $100,000 a year from income if the IRA funds are paid directly to a charity. For taxpayers who don’t normally itemize their deductions and so don’t get to deduct their contributions anyway, it’s a winner. Even for taxpayers who usually do itemize, it may also leave them ahead. If you are eligible to make this transfer, please take a few moments to consider the impact you could make on hunger in Western North Carolina.
MANNA has been granted the highest possible rating by Charity Navigator, and only 6 cents out of every dollar goes to administrative and fund raising costs. 94 cents of every dollar you donate goes to getting food onto the tables of the people facing hunger in our region.
This window of opportunity closes on December 31, 2014. For help or to refer a donor for assistance, contact us at 828-299-3663 and ask to speak with Chief Gifts, Officer Donna Ensley.