Can You Use Your Retirement Account to Support Your Favorite Charities This Year?

2015 Tax Deduction/IRA Action Immediately Pending:  This Would Allow Charitable Gifts to Satisfy Required Minimum Distribution from IRAs

In keeping with the last minute behavior of 2012, 2013, and 2014, it is very likely that before year's end (likely by December 22, 2015), Congress will again allow donors age 70 ½ and older to meet their required minimum annual distribution from their individual retirement account (IRA) by making donations directly to a charity.  This can include any contributions to support the Augustinians' Annual Fund, Augustinian Gala in April 2016, or the Continuing Our Journey of Faith capital campaign.


How It Works

If, as expected, the gift must be made directly to the charity in calendar year 2015 (up to $100,000) to satisfy their required minimum distribution requirement from their individual retirement account (IRA).  The income directed to the charity(ies) would not be reported as income to the donor.  The gift must be made directly to the charity from the donor's agent - not from the donor directly - and must be available for immediate use by the charity.

If you, a relative, or friend are interested, please have a tax adviser, attorney, or charitable adviser keep tabs on this development and notify you when the moment is implemented.  We will be keeping close watch on this at the Midwest Augustinians.  The gift would have to be made before midnight, December 31, 2015.  If you have any questions, please click here to email Michael Gerrity, Chief Advancement Officer of the Midwest Augustinians.  You can also call him at 773-595-4035.

Update:  IRA Charitable Rollover Officially Passed for 2015

As of December 19, Congress passed the IRA Charitable Rollover for 2015!  You can make your contributions between now and December 31, 2015.  Please check with your tax adviser, attorney, or charitable adviser.  You may also contact the Augustinian Advancement Office for any inquiries as well.


Patrick Murphy

Patrick Murphy has been working with the Augustinians in fundraising and communications since 2010. He began working with the Augustinian Vocations office in 2015. He also holds a Master of Science in Nonprofit Management.