The IRA Charitable Rollover is a unique federal provision allows anyone 70.5 years or older to make an outright gift directly from their IRA to The San Francisco Foundation or other favorite charitable organizations of up to $100,000, without paying income tax on the distribution. See Detailed Giving Instructions.
Who can make a gift through the IRA Charitable Rollover?
Anyone with a traditional or Roth IRA who is 70.5 years old and above.
How much can be donated this way?
Up to $100,000 in 2019, no matter what your income is.
Can I donate to a foundation Donor Advised Fund this way?
Unfortunately, no. IRS rules do not permit IRA Charitable Rollover contributions to a DAF or private foundation.
- Permissible Contributions to the San Francisco Foundation:
If I make a gift from a traditional IRA, am I required to take a minimum required distribution (MRD)?
Yes, but you can use the IRA charitable rollover gift to meet all or part of this requirement.
Do I get a federal income tax deduction?
No, but you are not required to pay federal income tax on the withdrawal either. NOTE: Some states may not exclude gift amounts withdrawn from an IRA for state income tax purposes. Consult with your tax adviser.
Do gifts from other retirement accounts qualify?
Gifts from retirement accounts other than IRAs—such as 401(k), 403(b) and SEP accounts—are not eligible to make direct transfers. However, donors may be able to make qualified, tax-free transfers to their IRA, and then make the IRA charitable rollover gift. Consult with your adviser.
How do I make a gift to the San Francisco Foundation this way?
- Contact your retirement plan administrator well before the December 31 deadline to learn how to initiate the transfer. We recommend you do so by December 10.
- Instruct administrator to make distribution directly to the San Francisco Foundation or other favorite nonprofit with your name included in the check memo. The check or distribution should not come to you.
- Contact us or your other favorite nonprofit to alert us / them of your generous plans.
Want to learn more about this unique giving option?