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Important Provisions for IRS Charitable Rollover

Q: WHAT ARE THE IMPORTANT PROVISIONS OF THE CHARITABLE IRA ROLLOVER CLARIFICATIONS RECENTLY RELEASED BY THE IRS?

A: Qualified charitable distributions (QCD) can be used to pay outstanding pledges previously made by the donor. Paying an outstanding pledge using a QCD is not a prohibited transaction. Because the donor – and not a separate entity – actually owns the IRA funds, the funds are considered to be coming from the donor for purposes of prohibited transaction analysis. It appears that not only can an IRA custodian mail a check (issued to the organization) directly to the organization, but the IRA administrator can also issue a check payable to the organization and present it to the donor for delivery in person or by mail to the organization.

QCDs can be made from inherited IRAs and SEPs/SIMPLEs as long as no SEP/SIMPLE contributions were made in the same tax year as the QCD. The IRS has made it clear that with QCD gifts the donor cannot receive any benefits from the transaction in order for the gift to be a qualified charitable distribution. This obviously disallows split interest gifts, but also less obvious benefits such as raffle tickets, dinners and preferred seating at college sporting events.  

A taxpayer aged 70 ½ or older can transfer a total of $100,000 in 2006 and again in 2007 regardless of the number of IRAs owned by the donor. The notice clarifies this $100,000 as a maximum per taxpayer, not per account. A spouse can also transfer up to $100,000 provided he or she is also age 70 ½ or older and has his or her own IRA as the source of the funds. It should be noted that a transfer of IRA funds between spouses – to allow both spouses to give up to $100,000 each year – can rise to a taxable event.
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